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CEZ and E.ON have come to an agreement

6. 6. 2003

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CEZ and E.ON have come to an agreement

CEZ and E.ON have come to an agreement concerning the exchange of their respective minority shares in Czech regional power companies.

Within the framework of this agreement, CEZ undertakes to transfer its 35.21 % equity in Jihomoravska energetika (South Moravian Power Company, abbreviated as JME) and its 34.01 % equity in JihoÄŤeska energetika (South Bohemian Power Company, abbreviated as JCE) to E.ON and E.ON in turn undertakes to transfer its 34.4 % equity in ZapadoÄŤeska energetika (West Bohemian Power Company - abbreviated as ZCE) and its 41.7 % equity in VĂ˝chodoÄŤeska energetika to CEZ. The agreement also provides for the potential consolidation of other minority shares in regional power companies, which is to be dealt with after a certain period of time.

The agreement will be formalised in a contract in the immediate future.

The progress in the negotiations enabled CEZ to take the first step towards a mutually beneficial exchange of minority shares, by supporting E.ON´s suggestion to loosen the criteria for transferring shares. The support was articulated at today's General Assembly of JME.

Ladislav Kriz, Press Officer