MVM wins 10.5 percent stake in ELMU, RWE spokesman says

By Alexa Steblinina. A tender to buy a 10.5 percent stake in electricity distributor ELMU ELMU.BU has been won by a Hungarian state-owned power wholesaler MVM, the daily Vilaggazdasag reported.

Photo: MVM wins 10.5 percent stake in ELMU, RWE spokesman says

MVM wins 10.5 percent stake in ELMU, RWE spokesman says

A spokesman of one of the bidders, Germany’s RWE, Wolfgang Schley said that MVM was likely to win the tender held on Thursday by the Budapest Asset Management Centre.

The tender’s results would be announced later by the seller.

Earlier this week, RWE said that it had had a plan to buy the stake for about $100 million to rise its 55.26 percent majority stake in the distributor.

RWE AG is a German electric power and natural gas public utility company based in Essen. Through its various subsidiaries, the energy company contributes electricity and gas to more than 20 million electricity customers and 10 million gas customers, principally in Europe.

RWE is the largest electricity producer in Germany . RWE has announced its intention to divest of the American Water, the United States' largest investor-owned water utility.