EdF/EnBW signs Rybnik deal today, with full control to come in 3 months

The consortium of Electricite de France (EdF) and Energie Baden-Wuerttemberg (EnBW) will sign an agreement today to buy a 35% stake in the Rybnik power plant from the Treasury for a reported $120 million, with an additional 15% plus 1 share to be sold within some three months time. Until recently the energy sector privatization strategy allowed the Ministry to sell no more than 35% in any company from the sector, even though it actually was willing to give up control over the plant to the strategic investor. The new plan for the sector came into force after the Rybnik privatization tender was already opened, so the Treasury could not offer more than 35%. Instead, it decided to sell an additional stake later. Last year the Rybnik power plant recorded a net profit of zl.27 million. (Puls Biznesu, p.7) T.J.