RWE and Union Fenosa vying for Electrica Muntenia Sud

The Office for State's Interests and Industrial Privatisation (OPSPI) has received four letters of intent for the sale of Electrica's Muntenia Sud branch, with RWE and Union Fenosa among the bidders, the head of the office, Doru Laurian Badulescu said. The market value of the most attractive of the eight branches of Electrica is estimated by specialists at about $200-$250 million. The consulting contract has been recently signed with PricewaterhouseCoopers, with the diagnostic activities set for completion by March 2003. The electrical power supplier and distributor Electrica was reorganised early this year when it was split into eight subsidiaries and a maintenance service branch. ZF