E.ON Gaz Romania, E.ON Moldova Furnizare To Merge

Gas distributor E.ON Gaz Romania and electricity supplier E.ON Moldova Furnizare, subsidiaries of German utilities group E.ON, will merge with a view of delivering integrated energy supplying services.

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The shareholders of both companies approved the merger, despite opposition from minority holder Fondul Proprietatea.

"All parties involved approved the merger, except for the representatives of Franklin Templeton, which manages Fondul Proprietatea," E.ON said in a news release.

The new company will be named E.ON Energie Romania and it will be 51% owned by E.ON Romania SRL. The Economy Ministry will hold 31.82%, Electrica will have 3.78% and Fondul Proprietatea will control a 13.4% stake.

The merger will become effective on December 31.

E.ON is present on the Romanian market since 2005, when it bought the companies Electrica Moldova and Distrigaz Nord from the state.

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