Zamfirescu Racoti & Partners Has Assisted Complexul Energetic Hunedoara in Merger with Societatea Nationala a Huilei Petrosani
Bucharest, July 10, 2013:Complexul Energetic Hunedoara, a company fully owned by the Romanian State, activating in the electric energy field, has absorbed Societatea Nationala a Huilei Petrosani, a state company activating in the mining field. The formalities of registration with the Trade Registry Office of the merger operation were completed on July 8, 2013.
Starting with such date, Complexul Energetic Hunedoara S.A. includes heat and power plants Mintia, Paroseni and the viable coal mines Vulcan, Lonea, Livezeni and Lupeni, and its main object of activity is the production and supply of heat and power and operation of pit-coal mines.
By the merger operation, achieved with the assistance of the attorneys at law of Zamfirescu Racoti & Partners (ZRP), the power-mine integrated company hopes to make its activity more efficient, to reduce its production costs significantly and to consolidate its position in the Romanian power system.
“I am glad that we have managed to complete this project successfully, complying with the rather short terms imposed on us. It has been no easy mission, so much the more as the operation needed the prior authorization by the Competition Council. Such an action implies hard work and good knowledge of the areas in which the companies involved conduct their business. Moreover, in case of an intra-group merger, the challenges are even more: each entity is trying, naturally, to preserve its interests and to impose its vision, there are negotiations, organizational structures and decision-making mechanisms suitable for both parties have to be reassessed”, Anca Danilescu, Senior Partner of ZRP, declared.
During the merger process, legal assistance has been provided by the ZRP team, coordinated by Anca Danilescu, Senior Partner. The main attorneys at law that have rendered legal assistance in the operation are Elena Iacob, Managing Associate, and Iuliana Negoita, Senior Associate.