CEZ will sell its 34% stake in Prazska energetika, a domestic regional power distributor, to the Slovak-based J&T Investment Advisors for CZK 4.4bn (note that the J&T Group reportedly holds about 5% in CEZ). As the purchase price of the stake was CZK 3.82bn, it will realize a one-off gross gain of CZK 580m or CZK 1 per share. Note that CEZ was obliged to sell the stake due to the Anti-Monopoly Office's ruling after it acquired eight regional distributors at the beginning of 2003. Neutral to marginally positive.
Separately, the Italian Enel has confirmed that it would bid for Slovenske elektrarne, the dominant Slovak power producer next Wednesday; the bid will be for all SE assets. So far, three of five bidders (including CEZ and Enel) have indicated their interest in both the nuclear and non-nuclear parts of SE (the Russian RAO UES is reportedly the third one, while the Austrian Verbund and the German E.ON are interested only in non-nuclear assets). Expected.
Source: CTK
Jan Hájek