Ceska Rafinerska's shareholders (Unipetrol's 51% subsidiary, the other shareholders are Royal Dutch/Shell, Eni and ConocoPhillips) met on Friday to discuss unpaid receivables of CZK 469m (CZK 1.3 per Unipetrol share). According to Unipetrol's CEO, CRaf would lose at least CZK 100m or CZK 0.3 per Unipetrol share. The company's spokesman said that he believed PKN had an opportunity to learn about the problem as it is not new, but did not provide any further details. Note that the price PKN is to pay could be increased by as much 10% and reduced by 25% should an audit show that Unipetrol has a lower value at the time the transaction is completed.
Source: Bloomberg, CTK, Euro
Tomáš Gatěk, Patria Finance