Unipetrol: Main points from PKN conference call

Yesterday PKN held a conference call on the future strategy in Unipetrol. A detailed strategy will be produced in mid-September. PKN has pushed though several personal changes in the supervisory board of Unipetrol and the board of directors of Unipetrol Rafinery, Kaucuk, Paramo, Spolana, Benzina and Chemopetrol. The conference call confirmed that PKN plans to integrate Unipetrol into the group and achieve synergies on the top line as well as at operating cost level. PKN repeated that it would dispose of some of Unipetrol’s assets (1/3 of Benzina stations, and assets related to pesticides, agricultural commodities and chemical production). Proceeds from the sales of part of Unipetrol’s assets will be used for debt-repayment and/or CAPEX and/or potential acquisition of Aral petrol stations in the Czech Republic. Unipetrol’s management proposes no regular dividend from the 2004 net income. The AGM will be held on June 23.

PKN repeated it would launch a mandatory buyout by July 25 and that at the moment PKN does not plan de-listing of Unipetrol’s shares from public trading. Please note that Unipetrol is on Patria’s "Watch list".