PRAGUE, April 14 (Reuters) - The Czech government will take the first steps toward a full takeover of the country's main electricity producer CEZ at the company's annual meeting in June, news agency
Czech government to take first steps toward CEZ takeover at June AGM, CTK reports
Government Plans and Implications for CEZ Takeover
Initial Steps Announced by Prime Minister
PRAGUE, April 14 (Reuters) - The Czech government will take the first steps toward a full takeover of the country's main electricity producer CEZ at the company's annual meeting in June, news agency CTK quoted Prime Minister Andrej Babis as saying on Tuesday.
Current Government Stake and Takeover Considerations
The government owns 70% of CEZ, a Prague-listed company with market capitalisation of $30.6 billion, and is considering ways for a full takeover or a takeover followed by potential re-listing of assets such as power distribution and trading.
Lack of Specific Details
Babis did not give details on steps, CTK said.
Strategic Goals and Timeline
Energy Security and Economic Support
The government is aiming for a takeover during its term ending 2029 as it has sought CEZ control to boost energy security.
"It is important that we can help citizens and the entire economy. Energy is key to that," Babis was quoted by CTK as saying.
Expected Duration of the Takeover Process
The process, one of the country's biggest energy shake-ups, could take up to two years once approved, Industry Minister Karel Havlicek told Reuters in December.
Reporting Credits
(Reporting by Jan Lopatka and Jason Hovet; Edting by Kirsten Donovan)
