The Czech HN daily reports that valuation of Unipetrol’s 51% stake in Ceska rafinerska is underway. The stake should be sold to Conoco after Unipetrol privatization is completed. Negotiations between Agrofert (the privatization tender winner) and Conoco regarding the 51% stake are complicated by a call option held by an IOC consortium (Royal Dutch Shell, Agip, and Conoco), which holds the remaining 49% in Ceska rafinerska. The call option is for Unipetrol’s 51% stake, and it is not clear at the moment whether it will be exercised. The complex situation surrounding Unipetrol privatization, and its post-privatization restructuring, is behind the slump of Unipetrol’s stock price; as the newspaper’s report does not include any new information, the stock should not react.
(Jiri Soustruznik)