Yesterday, Unipetrol officially announced that none of the three members of the IOC consortium (Agip, Shell and ConocoPhilips) exercised the option to buy Unipetrol's 51% stake in Ceska rafinerska (Craf). Note that this has removed a significant part of the risks associated with a possible revision of the Unipetrol privatization price (CZK 99 per share). According to Reuters, PKN's CEO said that the company should file a request for approval of the transaction by the European Commission (EC) within two weeks. The EC will then have 30 days to deliver its decision, hence the outcome should be known at the latest by the end of October. Please note that Patria has a restricted opinion on Unipetrol.
Tomáš Gatěk