Following to recent news Macedonia prolonged deadline for final bids for 90% stake in the country’s only distribution company ESM until March 15. The winner should be known shortly afterwards. Four bidders (CEZ, RWE, EVN, Enel) asked for more time to revise company’s finance. Based on previous tenders and the other bidders, we estimate the price for 100% of ESM at around EUR 250m. We believe that news is for today’s trading neutral and reiterate our BUY recommendation on CEZ.