French utility Electricite de France has now secured 95% of the shares in Hungarian power company Demasz, following the successful completion of a public purchase period.
EDFI, the international wing of the Gallic firm, now holds all but 5% of the Hungarian electricity distribution company after acquiring 1.264 million shares, equivalent to 34% of the share capital of Demasz, during a 50-day acceptance period.
The total purchase price for the shares tendered in the offer is HUF25.3 billion and payment to the selling shareholders will be made by November 17, EDF stated.
The French power firm has now confirmed that, with only 5% of shares in Demasz outstanding, it will exercise its right to purchase the remainder.
Commenting on the successfully completed offer, Pierre Gadonneix, chairman and CEO of EDF, said: We are delighted by the very successful outcome of the offer. This transaction is an important step in EDF Group development strategy in Hungary and in central Europe.