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The Romanian state lodged a file against Enel at the Court of Arbitration Paris, requesting 521 million euro.
The Society for Management of Company Ownership in Energy (SAPE) lodged a file with the International Tribunal for Arbitration in Paris against the Italina energy group Enel, requesting the payment of 521.58 million euro. The tribunal in Paris admitted the arbitration request, according to the press release of the Departmeent for Energy.
SAPE requests Enel to pay the sum of 521,583 million euro, requiring the option Put, which says that Electrica has the right to sell and Enel has the obligation to buy a package of 13.57%of the shares of the former Electrica Muntenia Sud in accordance to the mechanism of establishment of price, included in the privatisation contract signed in July 2007.
Enel paid directly to the state, in April of 2008, the sum of 394.8 million euro for 50% of the shares Electrica Muntenia Sud and after an increase of capital of 425 million euro, the Italian group reached to share of 64.4%. Later, the selling price of shares was adjusted upwards with 38 million euro, so that the sum paid to the state reached 432.9 million euro.
Enel which owns a third of the electricity distribution market of Romania, announced that they wanted to sell the operations in Romania by the end of this year; 64.4 % of Enel Distributie Muntenia and EnelEnergie Muntenia, 51% of Enel Distributie Banat, Enel Distributie Dobrogea and Enl Energi, as well and 100% of the services company EnelRomanai ( owned through Enel Investment Holding BV).