A Hungarian company’s bid to acquire a key energy provider in Romania is under review due to concerns about the motivations behind the inflated offer, particularly fears of Russian influence, according to Romanian Energy Minister Sebastian Burduja. Hungary’s state-owned energy group, MVM, outbid other firms to purchase the Romanian gas and electricity distribution network owned by Germany’s Eon.
Burduja noted that the acquisition could be blocked on security grounds, similar to a recent incident in Spain in which a merger with a Hungarian company was halted due to Russian ties. Last August, Spain blocked the sale of train manufacturer Talgo to Hungarian company Ganz-MaVag Europe over national interests due to suspicious links between Ganz-MaVag and Russian business circles.
Eon Energie România serves millions of customers and holds nearly 50% of the market share. MVM, Hungary’s second-largest company, has been the leading importer of Russian natural gas and operates a Russian-designed nuclear power plant in Hungary.
MVM’s offer to pay up to 200 million euros for a majority stake in Eon Energie România SA is significantly higher than Burduja’s estimation of worth around 50 million euros. He stated that intelligence services will help assess the risks of this acquisition.
Minister Burduja declared that Romania would not allow Russian gas to enter the country. He emphasised Romania’s focus on its own gas resources amidst sensitivities surrounding Russian influence, particularly in light of the Ukraine war.
Hungarian Prime Minister Viktor Orbán has criticised EU sanctions on Russian energy, claiming they harm the West. At the same time, he met with President Vladimir Putin last summer, drawing criticism from other European leaders.
