Aliachem held its AGM yesterday. Shareholders elected new members of the supervisory board and approved several routine measures. Separately, it seems likely that the 49.2% stake in Aliachem, currently being sold by the Chemapol Group (which is in bankruptcy proceedings), will be bought by Agrobohemie, 50% owned by Unipetrol. Cabinet recently rejected a proposal of the Ministry of Finance that would have had the state Konsolidacni banka to improve its bid for the 49.2% stake in Aliachem, leaving Agrobohemie’s positioned to win (no one else is bidding). Aliachem’s success, in our opinion, would not necessarily be positive for Unipetrol, since Unipetrol would have to take on new debt and bear the cost of restructuring Aliachem. The sale could happen within a week.