CEZ and E.ON both submitted revised bids for the 24.62% stakes in the two power distributors (Electrica Oltenia and Electrica Moldova). The new owner is required to gain a majority stake via capital increase. CEZ's spokesman said that there were changes in the revised bid according to Romania's requirements but no further details regarding the offer were released. Based on the limited information available, we would be comfortable with a combined bid from CEZ not significantly exceeding EUR 100m (specifically EUR 40m for E. Moldova and EUR 60m for E. Oltenia). Neutral until the size of the new bid is known. Source: Bloomberg
Tomáš Gatěk, Patria Finance