Shell, a member of the IOC consortium, did not choose to exercise the option to buy Unipetrol's 51% stake in Ceska rafinerska (Craf). Agip and ConocoPhilips (the remaining two members of the consortium) have not announced their decisions yet. The deadline to exercise the option expired at midnight yesterday. However, the companies have an additional 2 days to announce their decision. Source: CTK. Note that Patria has a restricted opinion on Unipetrol.
Separately, the company will release its consolidated H1 2004 IFRS figures today. The timing of the release, the ongoing privatization and the expected restructuring of the holding, and given that the market works with CAS standards in this case make this event irrelevant for the stock. The H1 2004 CAS consolidated net profit was CZK 1.14bn (CZK 6.3 per share).
Jan Hájek, Patria Finance