Today is deadline for preliminary bids for 81.78% Unipetrol’s stake in Spolana, producing PVC and basic material for manufacture of synthetic fibres. As we previously informed, the sale is in line with PKN’s strategy to spin off businesses which are not directly related to its main production line, i.e. oil refinery. Our rough estimation of Spolana’s value totals some CZK 1bn, based on comparative multiples of its peers and Spolana’s 1H05 results. We regard the news as neutral for today’s trading.