MFDnes reports that CEZ management is considering an option to sell CEZ shares on the LSE or FSE instead of a tender sale to a strategic investor. Unlikely to happen, we believe, since the proceeds from this manner of sale would likely be lower compared to a sale to an investor, and it is unlikely that market demand for CEZ stock would be sufficient (the state holds a 67% stake in CEZ with a CZK 55 bil. market cap).
The valuation of the transmission grid to be sold by CEZ to the state has not begun yet, according to the Czech daily Lidove noviny. The valuation is a necessary condition for the sector restructuring plan to be completed.
Jiri Soustruznik