The Polish PKN Orlen confirmed it would bid for the state's 63% stake in Unipetrol on Friday, April 23, the DJ Newswire reported yesterday.
Separately, Unipetrol unexpectedly reported its audited consolidated CAS results for 2003 yesterday afternoon. Net profit stood at CZK 88m vs. preliminary announced CZK 148m (CZK 635m in 2002), operating profit reached CZK 734m vs. preliminary CZK 893m. The stock price is currently driven by privatization-related news, though, and we do not expect a major reaction across the market. Note that the binding bids should be submitted by this Friday.
Jan Hajek, Patria Finance