Enel SpA (BIT:ENEL) is planning to sell 66% stake in Slovenské Elektrárne A.S. Slovakia seeks bigger stake in Slovenské. Slovakia will talk to Enel about raising the government's stake in Slovenské to a majority, pushing the Italian group to change a plan to sell its entire 66% share to a private investor. Enel has put the sale of its stake at the heart of a divestment plan to cut debt and has been expecting binding bids for the share by May 9, 2015.

A meeting between Prime Minister Robert Fico and Francesco Starace, Chief Executive Officer of Enel produced a range of other options, most of which suggested Enel would stay in the firm in a minority position for some time. Enel agreed to hold talks with the government over a future arrangement which could see the Italian firm selling only part of its stake, possibly to Slovakia, and staying on as a minority shareholder while the €4.6 billion nuclear plant is completed over the next two years or so. Fico said he wanted Enel to guarantee the nuclear plant's completion, and therefore disagreed with its divestment.

But if it wanted to sell some shares, the government was interested in raising its 34% stake to a majority. "Our aim is to gain a majority in Slovenske, be the majority owner, and at the same time have management control," Fico said after meeting Starace. "There are many possible solutions.

One of them is the state getting 51 percent and someone else buying the rest. A model where there would be three shareholders - Enel, the state and someone else, could also be a possible solution," Starace said. He added the firm could try to sell the first tranche of its shares this year, and keep the rest for the long term.

Four firms have declared an interest in the Slovenske stake: CEZ, a.s. (SEP:CEZ), Energeticky a Prumyslovy Holding, a.s., Fortum Oyj (HLSE:FUM1V), Slovnaft AS (BSSE:1SLN01AE) and Magyar Villamos Muvek Zrt. EPH said it was still interested in some form of engagement after the latest developments. The Hungarian group declined to comment, but it had said earlier it would propose an offer that would fit in with the government's preferences.