Romanian Electrica May Enter Arbitration With Enel, ZF Reports
Electrica SA, a Romanian state-owned power distributor, may enter arbitration with Enel SpA (ENEL) over the sale of a minority stake in one of Electrica’s former units to the Italian utility, Enel, Ziarul Financiar reported.
Electrica, which seeks to raise about 500 million euros ($668 million) from the sale of a 13.57 percent stake in Enel’s unit, may ask the Paris-based Arbitration Court to resolve a dispute after the Italian company challenged the formula to determine the stake sale price, the Bucharest-based newspaper said, citing unidentified people with knowledge of the matter.
The sale of Electrica’s minority stake is part of an option from a 2008 contract when Enel bought a majority stake in the Romanian energy company, known as Electrica Muntenia Sud.
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