The Polish PKN Orlen intends to keep a 51% stake in Ceska rafinerska, the largest domestic refinery, and fuel retailer Benzina if it should win the Unipetrol privatization tender, Bloomberg reported yesterday. Recall that PKN reportedly agreed on a future split of the Unipetrol group with ConocoPhillips, and is also cooperating with the Czech-based Agrofert, which would probably acquire a 50% stake in Agrobohemie.
Neutral; Unipetrol's post-privatization restructuring (including its splitting up and partial divestment) is largely expected and would be favorable from the fundamental point of view (although the technical side of the transaction may not be favorable for some minority shareholders).
Jitka Oppitzová, Patria Finance