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MYTILINEOS HOLDINGS S.A. acquires full control of ENDESA Hellas
MYTILINEOS HOLDINGS S.A. acquires full control of ENDESA Hellas
Published 01-04-11
Submitted by MYTILINEOS Holdings S.A.
Further to the announcement of 18.06.2009 regarding the Group's intentions regarding the future of ENDESA HELLAS, the Management of MYTILINEOS HOLDINGS S.A. informs the investing public that after relevant negotiations, the Company and ENDESA S.A. have reached an agreement for the acquisition of 50.01% of the share capital held by ENDESA S.A. in the joint company ENDESA HELLAS PRODUCTION AND TRADE OF ELECTRICAL POWER S.A.
The total price to be paid by MYTILINEOS HOLDINGS S.A. for the acquisition of 50.01% of ENDESA HELLAS amounts to EUR 140 million, and will be paid in installments scheduled until July 1, 2012.
At the same time, ENDESA S.A. will acquire one wind park and three hydropower plants with a total installed power generation capacity of around 14 MW, which belong to the ENDESA HELLAS portfolio, for a price of EUR 20 million. Upon completion of the above procedure, MYTILINEOS HOLDINGS S.A. will become the sole shareholder of ENDESA HELLAS, with 100% of the company’s share capital in its possession.
This development is a further step towards the creation of the largest independent electrical power producer in Greece establishing a portfolio of 1.2 GW of installed capacity from thermal plants in operation by 2011 and over 800 MW RES in different stages of development.
Completion of the transaction is subject to the necessary approvals from the competent regulatory authorities.
MYTILINEOS Holdings S.A.
MYTILINEOS Holdings S.A.
The MYTILINEOS Group is active in the sectors of Energy, Metallurgy and Mining and EPC projects (Engineering-Procurement-Construction). Since its establishment, in 1990, its development has been outstanding and today it is considered one of the country's leading industrial groups, with significant international activity and listed on the Athens Exchange (ATHEX).
With a workforce of 2,000 employees in Greece and abroad, the Group's hard and fast goal is business excellence, always in accordance with the principles of Corporate Social Responsibility and demonstrating in all its activities its respect for the environment, society and people.
Activities
In metallurgy and mining the Group has established itself as one of the leading groups in S.E. Europe and the Middle East in the sector of production and trading of alumina and aluminium via its subsidiaries, Aluminium of Greece and Delpoi - Distomon.
Moreover, the MYTILINEOS Group has evolved into the leading independent energy producer in Greece through carefully planned strategic partnerships and business decisions. The group activates in this sector via M&M Gas, a company jointly established with MOTOR OIL for the supply and trade of natural gas and PROTERGIA, the company that came into being through the 100% acquisition and operation of ENDESA HELLAS, with its activities including the development and operation of thermal power plants and of renewable energy sources, as well as the trading of electrical power and CO2 emissions.
Regarding EPC projects, the Group has established its presence in the sector through its METKA subsidiary which has developed into the leading EPC Company (Engineering-Procurement-Construction) in Greece and is acknowledged as one of the most specialized and internationally renowned constructors of energy projects in Europe. METKA, which is listed on the Athens Stock Exchange, implements turn-key projects from their engineering and procurement stage to their construction, primarily for combined-cycle, conventional thermal and hydroelectric power plants.
The dynamic business growth of the MYTILINEOS Group is fully aligned with the principles of Corporate Responsibility and Sustainable Growth. For the Group, the concept of Sustainable Growth is synonymous to seeking business excellence while remaining committed to its vision and respecting society, the environment, its people and its shareholders, and to ensuring the harmonious coexistence of its business activities with the needs of the local communities where its operations are located. In this context, the Group is actively supporting major initiatives in the domains of Culture, Education, and the protection of the Environment.
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