Energy trader Energy Holding was taken over by Societe Bancaire Privee (SBP), a bank based in Geneva - Switzerland, company representatives say.
Energy Holding is one of the leading energy traders on the local market, also being involved in electric power production, with business transactions worth 235 million euros last year and profit amounting to 10.5 million euros, triple the level posted in 2004.
According to available information, the SBP last year posted revenues worth 22.43 million Swiss Francs (14.45 million euros) and profit of 2 million Swiss Francs (1.3 million euros).
The transaction was signed on August 7 and is to be finalised within 30 days, but the companies have declined to reveal its value.
Energy Holding was advised on the transaction by Bostina & Asociatii (Bostina & Partners) law firm.
The Switzerland-based company was not part of the original shareholding structure of Energy Holding.
After the transaction is completed, it is to be given a 95% stake in the company.
Societe Bancaire Privee was not part of the structure of Energy Consult ECSA Switzerland either, which had owned the 95% in the energy trader until the announcement, the quoted sources say. SBP's main line of work involves the management of portfolios of private and institutional assets.
Following the takeover, the management of Energy Holding will remain unchanged.
Company representatives also say the structure of the board of directors will not undergo any changes after the takeover.
Energy Holding, a rather controversial company on the local market due to its rise during the PSD (Social Democrat Party) rule, estimates a 36% increase in its turnover in euros this year, against the 235 million euros reported last year.
This growth will be mainly sustained by the Petrom contract won in March this year.
Energy Holding won the tender to supply electric power to 1,000 oil derricks owned by Petrom, the biggest Romanian company, in a contract estimated at 100-150 million euros.
The contract stipulates that 2 TWh are to be supplied by the spring of 2008, equivalent to some 2% of Romania's annual consumption.
Apart from Energy Holding, the segment of energy traders includes several players, such as Romelectro and Energy Financing Team (from Great Britain).
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