Elmu and WestLB have concluded a call option agreement granting RWE the right to buy - and a put option granting WestLB the right to sell - 640,122 ordinary shares in Elmu, RWE said late Wednesday in a filing to the Budapest Stock Exchange.
The city of Budapest is seeking a buyer for 640,122 shares in Elmu, with the deadline for bids Thursday, online Hungarian news agency portfolio.hu said Wednesday after obtaining documents for the invitation-only tender. The city of Budapest plans to sign a sales contract with the bid winner Friday, it added.
RWE already owns 55.3% of Elmu, with German utility EnBW Energie Baden-Wuerttemberg AG (EBK.XE) holding a further 27.3% and the city of Budapest's stake being equal to 10.5%.
EnBW Wednesday said it won't take part in the bidding process for the 10.5% stake in Elmu.
The 640,122 shares on offer are worth 19.14 billion forints ($110.7 million), according to Dow Jones Newswires calculations.