Czech daily MF Dnes has reported that Unipetrol is looking to sell two of its subsidiaries, Spolana and Kaucuk, to Polish companies. The favoured bidder for Spolana is reportedly Anwil (note that Anwil is part of PKN Orlen). We estimate the price for the 82% stake in Spolana to be about CZK1bn. The winner should be known by the end of 2Q06. Two of the three final bidders for Kaucuk are also from Poland. The preferred bidder is a chemical company Dwory with similar business to Kaucuk, which already closely cooperates with PKN. The second preferred bidder is reportedly Ciech, while the third bid is a financial group. The preferred offers have bid an average of some CZK 4.3bn. We believe that news is already priced in and will not influence today's trading.