The Czech Tyden news weekly reports that TotalFinaElf is in negotiations with the merged Conoco-Philips Petroleum, and that TotalFinaElf plans to takeover Conoco’s European activities.
Conoco is presently holding talks with the Czech Unipetrol chemical group’s privatization winner, Agrofert, about Unipetrol’s post-privatization restructuring (Conoco is reportedly to buy Unipetrol’s 51% stake in Ceska rafinerska and a 78% stake in Benzina after Unipetrol is sold to Agrofert). The above indicates that Conoco might be replaced by TotalFinaElf in the negotiations, but it is far from clear at the moment what TotalFinaElfs’ stance would be regarding Unipetrol and its subsidiaries.
Also, the Czech daily HN reports that the IOC consortium (which holds the remaining 49% in Ceska rafinerska) will decide whether it will use its option to purchase Ceska rafinerska from Unipetrol by the end of May.
Therefore, the completion of Unipetrol privatization grows more complicated — good news for those who were dissatisfied with Agrofert emerging as the privatization tender winner, which, judging on the basis of the stock’s recent performance, seems to be the majority on the market.
(Jiri Soustruznik)