PWC, the Slovak Cabinet's adviser on the sale of its 66% stake in Slovenske elektrarne (SE), said yesterday that most of the five bidders for SE are interested in both its nuclear and conventional assets (Bloomberg). So far only CEZ and RAO UES have expressed interest in SE as a whole.
Due diligence will start in the coming days and will také about nine weeks; binding bids should be submitted in June. In our opinion, CEZ should not bid aggressively for the highly levered SE. A higher number of bidders for all SE’s assets might increase the likelihood of aggressive bidding.
Jitka Oppitzová, Patria Finance