The state Anti-Monopoly Office gave the go-ahead to Agrofert in its tender acquisition of Unipetrol from the state, though it did propose certain restrictions; Agrofert has referred these restrictions to a court to ascertain their validity.
Though Agrofert must pay the state for the Unipetrol stake within 5 days preceding Anti-Monopoly Office approval, it has won additional time by turning to the court. We expect Agrofert will continue this waiting game to the end of 2002--reportedly the last deadline for Agrofert to complete the transaction.
Meanwhile, Rotch Energy, a failed short-listed bidder in the Unipetrol tender, said it is prepared to begin negotiations with the state toward Unipetrol sale. The finance minister has said he would favor a new and transparent tender should Agrofert pull out of the deal.
No impact on Unipetrol stock expected.
(Jiri Soustruznik)