Despite protest issued by their minority shareholder, Fondul Proprietatea, the Romanian Government approved Hidroelectrica’s request to issue a binding offer for CEZ’s Assets in Romania.

Despite Fondul Proprietatea’s concerns that the acquisition of these assets will lead to a dilution of value (which we covered a few days ago here), the Romanian Government decided to allow the company to pursue the takeover of those assets. As a result, Hidroelectrica will submit the binding offer in consortium with Electrica and the Energy Participation Management Company (SAPE).

As a reminder, CEZ announced last summer that they want to sell their operations in Romania and other countries, in order to focus on their activities on the domestic market, the Czech Republic.