The Prague Business Journal weekly reports today that some Unipetrol minority shareholders have turned to Conoco, which is backing Agrofert in the recent Unipetrol privatization, toward assuring that “the rights of minority shareholders will be upheld,” citing concerns with Agrofert’s treatment of minority shareholders in previously acquired companies.
More importantly, the PBJ report confirms our expectation that it is still far from clear how Unipetrol post-privatization restructuring will be carried out. Conoco cannot buy Ceska rafinerska and Benzina from Unipetrol without Cabinet approval (one of the privatization conditions), and without the approval, Conoco may prove unwilling to help Agrofert finance the Unipetrol purchase.
(Jiri Soustruznik)