Two Hungarian natural gas utilities to merge in first half of next year

Jul 20, 2000 02:00 AM

Hungarian natural gas utilities Del-alfoldi Gazszolgaltato (Degaz) and Eszak-magyarorszagi Gazszolgaltato (Egaz), both majority-owned by France's Gaz de France International, plan to merge in the first half of next year. The merger was seen as necessary to prepare for the approaching liberalisation of the domestic gas market. The merger was also motivated by the need to cut expenses, Degaz Deputy CEO Robert Zadora told.
Egaz's target for revenues this year is over 20 bn forints, while Degaz's 2000 revenue target exceeds 40 bn forints, and after the merger revenues should exceed the sum of the two. Hungarian oil and gas company MOL has a minority stake in both Egaz and Degaz.

Source: Bridge News via Newspage
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