Business / Industries

Enel CEO says China's CNNC likely to bid for Slovenske stake

(Agencies) Updated: 2015-06-13 10:11

Enel CEO says China's CNNC likely to bid for Slovenske stake

A China National Nuclear Corp stand at an industrial expo in Beijing. China National Nuclear Power Co, a CNNC subsidiary, was given approval on Wednesday to launch an initial public offering. [Photo/IC] 

China National Nuclear Corporation (CNNC) is likely to bid for the stake in Slovakian power generator Slovenske Elektrarne held by Italian utility Enel, Enel's CEO said on Friday.

"It has not yet presented an offer ... but it is looking (at it), so I think it will," Francesco Starace said on the sidelines of a conference.

Italy's biggest utility is seeking to sell its 66 percent stake in the Slovakian nuclear power plant as part of a plan to sell 5 billion euros ($5.6 billion) of assets over five years to cut debt and fund growth.

But a dispute over the plant with the Slovak government, which is interested in raising its 34 percent stake, has slowed the sales process.

Enel, which has received three binding bids for its stake, has agreed to hold talks with the Slovak government and could end up selling part of its stake to Bratislava and part to the private bidders.

Slovakian Prime Minister Robert Fico is expected to meet Starace in Rome next week.

Banking sources previously told Reuters CNNC had expressed an interest in buying a stake in Slovenske last year.

CNNC is one of China's two biggest nuclear developers and is listing a subsidiary in Shanghai to fund investments.

Energy investor EPH, Finnish utility Fortum and a Hungarian group comprising MOL's Slovak unit Slovnaft and Hungary's MVM Group have made bids.

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