Ministry of Energy - no objections to the takeover of EDF Polska by PGE

The Ministry of Energy has issued a decision not to raise objections to the takeover deal by the Polish Energy Group (PGE) of EDF Polska, informed the spokesperson Maciej Szczepaniuk. In the middle of May, PGE signed with EDF International SAS and EDF Investment II BV a conditional agreement to acquire EDF assets in Poland. The value of the transaction is approximately PLN 4.51 billion. PGE is counting on finalizing its acquisition of EDF assets within a few months. As a result of the agreement, PGE will acquire a number of conventional generation assets, including four power plants, namely Kraków, Gdańsk, Gdynia and Toruń, the heat distribution network in Toruń and the Rybnik Power Plant (currently controlled by EDF Polska SA), four power plants, Zielona Góra, Czechnica and Zawidawy and heat distribution networks in Zielona Góra, Siechnice and Zawidaw (currently controlled by EDF Polska SA and EDF Investment III BV). PGE Group's share in electricity production in Poland is about 40 percent, while in the power distribution market it is about 26 percent. The company has been listed on the WSE since 2009.