The privatization tender winner and potential new majority owner of Unipetrol, the Polish PKN Orlen, has said it is ready to pay for the state's 63% stake in Q4 2004. Note that the transaction is now awaiting anti-monopoly clearance by the EC. Also, the IOC consortium that owns 49% in Ceska rafinerska, Unipetrol's major asset, should decide on its option to buy the remaining 51% from Unipetrol by the end of August. PKN is then scheduled to launch an obligatory buy-out offer for minority shareholders within 60 days after the transaction is concluded. Source: CTK.
Jan Hajek, Patria Finance