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Romania’s Fondul Proprietatea To Sue Fin Ministry To Regain 20% Stake In Nuclearelectrica

Romania’s investment fund Fondul Proprietatea intends to sue the Economy and Finance Ministry to regain the remaining stake until 20% in nuclear power operator Nuclearelectrica, after this had been lowered following several share capital hikes made by the nuclear plant.
Romania’s Fondul Proprietatea To Sue Fin Ministry To Regain 20% Stake In Nuclearelectrica
24 sept. 2008, 11:42, English

Fondul Proprietatea, which has been set up in 2005 to compensate Romanians who were illegally dispossessed of their properties during the communist regime, currently owns 17.36% of Nuclearelectrica.

"Fondul Proprietatea plans to sue the state to regain its 20% stake in Nuclearelectrica. The trial is not necessary a war between the fund and the Finance Ministry, but both sides have agreed that this is the best way," Fondul Proprietatea’s general manager Dana Lulache said Wednesday.

Nuclearelctrica operates Cernavoda nuclear power plant, which currently works with two reactors but aims at building two more by 2015.

Nuclearelectrica will hold 51% of the joint-venture that will build the two reactors, and will contribute by EUR2.04 billion to the project. The total costs are estimated at about EUR4 billion.

The Romanian authorities have selected last year six companies to form a joint venture with Nuclearelectrica to build Cernavoda’s nuclear reactors 3 and 4.

The six companies interested in building the two reactors are: Italy’s Enel SpA (ENEL.MI); Belgium’s Electrabel; Spain’s Iberdola SA (IBDRY); Czech Cez AS (BAACEZ.PR); ArcelorMittal’s Romanian unit (MS) and Germany’s RWE AG (RWE.XE).

The construction of nuclear reactors 3 and 4 is scheduled to start next year and is estimated to be completed between 2014-2015.