Ceska rafinerska (Unipetrol’s largest subsidiary) interrupted material supplies to Chemopetrol (the No. 2 subsidiary) for two days due to a disagreement over supply prices and contracts. The supplies were resumed yesterday. The dispute reflects complex relations among Ceska rafinerska’s majority owner (Unipetrol), its minority owner (an IOC consortium, which has a majority-stake option which should be exercised by June 6), and the Unipetrol privatization tender winner (Agrofert). The unresolved negotiations among the parties have begun to have a negative affect on the operation of Unipetrol subsidiaries, which is certainly not good for the stock.
Separately, Agrofert CEO A. Babis announced on Friday that Agrofert shall change its shareholder structure by the end of this month; Mr. Babis is to take a 55% stake in the company. The unsettled shareholder structure of Agrofert reportedly led the state Anti-Monopoly Office to suspend its analysis of Agrofert’s acquisition of Unipetrol with respect to sector competition. Mr. Babis reiterated that Agrofert intends to submit all pertinent documentation to the AMO toward the Unipetrol acquisition in a timely manner (source: Agrofert). The impact on Unipetrol stock should be marginal.
(Jiri Soustruznik, Jan Hajek)