Severoceske doly’s (SD) management and shareholders decided at yesterday's EGM that CEZ could buy-out minority stakes for CZK 1,789.2, implying 3.5% discount to yesterday’s closing price CZK 1,855. CEZ currently has a 93.1% stake in SD. The squeeze-out of minority shareholders is in line with CEZ’s previously announced plan. Assuming all remaining shares would be bought-out, the total value of the transaction would be CZK 1,121 mld. Additionally, CEZ plans to de-list SD from the PSE.