CEZ: According to CTK, authorities should announce the ratifying of building approval for the first block of NPP Temelin. If so, CEZ will have permission for regular operations. CEZ has asked for the approval after 4 years of test operations. We believe that this news will not have impact on today’s trading. We reiterate our BUY recommendation.
According to CTK (Czech Press Agency), Altria Group (owner of Philip Morris) won, in line with expectations, the "light cigarette” trial for USD 10.1bn. The judgment can enable the start of the split-up of the Group into probably three separate companies, Kraft, PM US and PM International - the latter was the most profitable unit in 2004. If so, this is good news for the whole industry and it may even kick in, once again, speculation about consolidation in the tobacco sector. We expect a positive impact on today’s trading. Note that a PM CR recommendation is not available, as we are in the process of reviewing it.