The Ministry of Industry (IM) and Ministry of Environment (EM) agreed that the number of credits for the period between 2005 and 2007 would be 107m tons annually. Note that the EM originally demanded 99.5m tons while the IM demanded 116m tons. Nevertheless, the IM later offered a compromise of 107m tons. The Cabinet will make a final decision at its regular Wednesday meeting. However, the limit must be also approved by the European Commission. Source: Bloomberg.
Separately, Slovak Finance Minister, Pavol Rusko, yesterday confirmed earlier speculations that CEZ had submitted a second bid for the 66% stake in Slovenske elektrarne (SE) worth EUR 1.2bn. The bid was, however, tied with three conditions that the privatization advisor found unacceptable and which was considering CEZ's first bid, worth EUR 690m. Note that Rusko recommended Enel as the winner of the SE tender to the Cabinet. The Cabinet is expected to make a final decision tomorrow (6 October).
Tomáš Gatěk, Patria Finance