According to the Romanian magazine Ziarul Financiar, CEZ should pay EUR 43 – 47m for the 24.62% stake in the Romanian distribution company Electrica Oltenia. CEZ is further obliged to increase its holding in the company to 51% by new equity issue. Total costs are hence expected at around EUR 150m. Based on the limited information available, we had regarded a bid of up to EUR 60m as appropriate. Should the mentioned price of EUR 43-47m be true, we would consider the acquisition to be positive.
Tomáš Gatěk, Patria Finance