“The bid to Electrica SA is the same as the first one, of €1 million for the stake in CEZ Services. We raise our bid. We are waiting for the state decision”, said the chief executive of CEZ Romania, Jan Veskrna.

The chief executive of Electrica SA, Ioan Folescu told NewsIn on Wednesday that it will discuss the offer with the Ministry of Economy, but is very unlikely to accept it because it is too low.

For the time being, CEZ holds 63% in CEZ Services, and the remaining 37% are held by Electrica SA.

CEZ group said on October it had completed the takeover of 19% stake held by Electrica in CEZ Distribution and CEZ Sale, for which it paid €145.36 million. CEZ now holds 100% stake in both companies.

Proprietatea Fund said at the end of September 2009 it had sold its 30% stock holdings in CEZ Distribution and CEZ Sale, a deal that fetched it €229.59 million.

CEZ Group is one of the largest energy producers, suppliers and distributors in Europe. CEZ has around seven million customers in Europe and an installed capacity of 14,200 MW.

In Romania, the group is operational since 2005 through CEZ Romania, which includes CEZ Distribution, CEZ Trade, CEZ Sale and CEZ services. In the distribution and sales sector, CEZ holds 17% market share.