CEZ failed to reach an agreement with E.ON for a minoritiy-stakes swap in REAS

CEZ failed to reach an agreement with E.ON of Germany for a minority-stakes swap in several domestic power distributors (the JCE and JME minority stakes held by CEZ for the minority VCE and ZCE stakes held by E.ON), the Czech Press Agency reports.

CEZ will thus issue a tender for its minority stakes in JCE and JME in the autumn; it must dispose of the stakes due to an antitrust ruling.

The swap failure may make it more difficult for CEZ to implement its strategy in ZCE and VCE, where it recently acquired narrow majority stakes.
Slightly negative but unlikely to impact upon the stock.

Jiří Soustružník