The International Court of Arbitration in Paris ruled that Enel will have to pay the Romanian state the amount of EUR 401 million for the 13.5% stake in Electrica Muntenia Sud, for which the Romanian state had requested more than EUR 521 million.
“Enel confirms that it has received from the International Chamber of Commerce in Paris the arbitral decision related to the stakes in the electricity sector in Romania and connected to the SAPE implementation of the clause Put Option for Enel Distribution Muntenia and Enel Energie Muntenia. Enel respects the decision of the Court and the company is currently analyzing the details of this decision,” Enel officials have said.
The Italian company says it expected such a decision.
“Moreover, the outcome of arbitration is in line with company’s expectations and with the internal analysis conducted on this case,” Enel representatives add.
In 2012, the Romanian government has requested Enel more than EUR 521 million, plus interest, for the package of 13.5% of the shares in the former subsidiary Electrica Muntenia Sud. The Italian company has not agreed to this amount and offered in EUR 300 million. The two sides have asked the Court of Arbitration in Paris, which established the transaction amount at EUR 400 million.
The arbitration costs will be divided equally between the Romanian state and Enel, according to sources close to the situation.