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The Gap Partnership

Hungarian energy firm 'in talks' over E.ON acquisition

29 November 2012

Posted by Edel Quinn

Hungary's state-owned energy firm MVM may be set to acquire the local gas trading and storage units in the country owned by German energy firm E.On.

A source close to the situation told Reuters business negotiations have advanced to the point where a deal may be signed by the end of 2012.

"There are intensive talks under way," said the unnamed source, with the possible deal meaning E.On Foldgaz Trade Zr - the biggest gas supplier in the country - being acquired by MVM.

Neither firm has yet commented on the story, but Hungarian newspaper Vilaggazdasag claimed to have knowledge that the price of the transaction would be around €800 million (£647 million), less than reported by other media outlets who put the figure nearer €1.2 billion.

In the UK, E.On and its partner RWE recently sold their nuclear power interest to Japanese firm Hitachi, including the energy plants at Wylfa on Anglesey and Oldbury near Bristol, having decided to move away from the sector following last year's Fukushima disaster.

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