MOL Nyrt, a consortium of Slovak oil refining company Slovnaft and Hungarian power group MVM has made a joint non-binding bid for the acquisition of the 66% stake held by Italian energy group Enel in Slovakia's national power utility Slovenske Elektrarne (SE). MVM and Slovnaft have made an indicative offer and improved it; the companies are seeking to diversify their activities and to improve their regional positions.
The sale of Enel's 66% stake in SE was announced in July 2014 and sparked tensions with the Slovak government over the completion of two reactors at the Mochovce nuclear power plant; the units are expected to be completed in 2017-2018 after a series of delays and cost overruns. In November 2014, the budget for the plant's expansion was raised by €800m to €4.6bn. Enel is now considering divesting its stake in two stages, with the sale of a minority interest by the end of the year and the remainder once the Mochovce plant is completed. So far, Enel has received two final offers for its 66% interest, from MOL Nyrt and from Czech power group Energetický a Průmyslový Holding (EPH).
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