Stock exchange committee approved CEZ's public buy-back for Severoceske doly (SD). The price is set to CZK 1,789.2. CEZ bought a majority 56% stake in SD last year for CZK 9.05bn (CZK 1 779/ share) and increased its stake to 93.1%. The transaction need to be approved by SD's EGM. We see this news as neutral and reiterate our Buy recommendation for CEZ.