The European Commission’s Directorate-General for Competition has approved power utility PPC’s 1.26 billion-euro takeover agreement for Italian group ENEL’s Romanian subsidiary ENEL Romania, sources have informed.

Though it would be possible for all sides involved to compete this acquisition before the end of summer, it will most likely get over the finish line around September as the second round of Greece’s general election, held yesterday, will delay the procedure by a month. The ruling center-right New Democracy party, which held on to power, is reshuffling personnel at ministerial posts.

PPC’s chief executive Giorgos Stassis and his administration are working intensively to update the corporation’s business plan, which could be presented to investors and analysts in October.

The plan will include PPC’s takeover of ENEL Romania as well as other key investment initiatives taken recently by the company such as its development of a CCGT facility in Alexandroupoli, northeastern Greece.

According to sources, PPC will raise its financial goals as a reflection of the company’s growth in size.

PPC is scheduled to hold a general shareholders’ meeting on June 29. The CEO, sources said, could set a date for the corporation’s return to dividend payouts.