Zamfirescu Racoti & Partners (ZRP) has advised Complexul Energetic Hunedoara, a company fully owned by the Romanian State, on its absorption of Societatea Nationala a Huilei Petrosani, a state company active in the mining field. The formalities of registration with the Trade Registry Office of the merger operation were completed on July 8, 2013.
The merger is designed to make Complexul Energetic Hunedoara more efficient, to reduce its production costs significantly and to consolidate its position in the Romanian power system. As a result of the merger, the entity now includes the Mintia and Paroseni heat and power plants and the Vulcan, Lonea, Livezeni, and Lupeni coal mines, and according to ZRP "its main object of activity is the production and supply of heat and power and operation of pit-coal mines.”
“I am glad that we have managed to complete this project successfully, complying with the rather short terms imposed on us,” said ZRP Senior Partner Anca Danilescu. "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.”
The ZRP team was coordinated by Danilescu and included Managing Associate Elena Iacob and Senior Associate Iuliana Negoita, Senior Associate.