Fondul Proprietatea obtains final ruling against the creation of energy giants, Electra and Hidroenergetica

During the last 12 months, Fondul Proprietatea, represented by Popovici Nitu & Asociatii, a law firm, obtained four favorable preliminary injunctions against Hidroelectrica SA, Nuclearelectrica SA, Complexul Energetic Turceni SA and Complexul Energetic Rovinari SA, thus suspending the shareholders’ decisions whereby the creation of Electra and Hidroenergetica has been approved.

On November 28, 2011, the Court of Appeal of Craiova irrevocably admitted the final appeal filed by Fondul Proprietatea, cancelling the reorganization decision of the shareholders of Complexul Energetic Craiova.

Electra would have been the resulting energy company from the merger of Nuclearelectrica SA, Complexul Energetic Turceni SA, Complexul Energetic Rovinari SA and Complexul Energetic Craiova SA, part of Hidroelectrica and Societatea Nationala a Lignitului Oltenia. Hidroenergetica would have incorporated part of the Hidroelectrica’s assets, Hidroserv Bistriţa SA, Hidroserv Slatina SA, Hidroserv Porţile de Fier SA, Hidroserv Curtea de Arge