The Foreign Direct Investment Review Commission (CEISD) has decided not to approve the transaction between MVM and E.On. Through it, MVM, a Hungarian state-owned company that the Romanian Energy Minister stated it raises “security concerns” due to its strong commercial ties with Russian companies, intends to acquire the gas and electricity supply division of E.ON Energie România. However, CEISD has decided to submit to the Supreme Council of National Defense (CSAT) the proposal not to approve the notified operation, according to a press release from the Prime Minister’s Chancellery – a measure that has been expected for some time, according to statements made by some sources, for Energynomics, at the beginning of the year.
The ministry argued in January that the transaction raises security concerns due to its potential to undermine Romania’s energy independence and to favor external influences hostile to the European Union.
According to a report by the Fitch rating agency consulted by Energynomics, MVM has “continued exposure to Russian gas: MVM has significant exposure to Russian gas imports, as a buyer in a long-term import contract with Gazprom. Russian gas continues to flow to Hungary, mainly through the interconnector with Serbia.”
CEISD claims that the final decision-making prerogative belongs to the CSAT.
“The Foreign Direct Investment Examination Commission (CEISD) informs the public that the notified operation regarding the acquisition of 68.18% of the share capital of E.ON Energie Romania S.A. and 97.92% of the share capital of E.ON Asist Complet S.A. by MVM Energy Private Limited Liability Company, through the investment vehicle Sonnet Romania Holding S.A., is subject to the detailed research procedure, in accordance with the provisions of Government Emergency Ordinance no. 46/2022.
The investor was notified of the initiation of this procedure on February 14, 2025, and, within the framework of the analysis, the main elements of the transaction were examined, including the investor’s profile, the implications on the national critical infrastructure and the possible consequences for Romania’s energy security.
Following the conclusions resulting from the detailed research procedure, CEISD decided to submit to the Supreme Council for National Defense (CSAT) the proposal of not approving the notified operation”, the Prime Minister’s Chancellery statement reads.
“We reiterate that, according to the applicable legal framework, the final decision-making prerogative belongs to the CSAT. Pursuant to art. 9 para. (12) of GEO no. 46/2022, the opinion issued by the CSAT is binding, and the deadline for its issuance is 90 days from the moment of notification. The Foreign Direct Investment Examination Commission reaffirms in this context its commitment to act with professionalism, impartiality and rigor, in accordance with national legislation and the international obligations of the Romanian state, to protect the national security of Romania”, the statement reads.
According to it, the opinion issued by the CSAT is binding, and the deadline for its issuance is 90 days from the moment of notification.
MVM Zrt. has extensive trade relations with Gazprom and Rosatom, Russian companies under international sanctions, through which Hungary maintains a high dependence on Russian natural gas and nuclear technology.
