German power giant E.ON is to buy the gas trading and storage business of the Hungarian oil and gas company MOL.
Back in November 2004 E.ON agreed to take over 75% of the gas trading and storage business and 50 % of the gas import company Panrusgaz, a deal which was granted EU Commission approval last December, subject to certain conditions.
One of these conditions is that MOL fully divest its gas storage and
trading business and E.ON will therefore acquire the remaining 25% of the two companies.
The total purchase price is now euro 450 million in addition to the assumption of euro 600 million of debt. The transaction is due to be completed by the end of March 2006.