According to HN daily, Unipetrol has recently received binding bids for Kaucuk from three interested companies. These are supposedly Polish chemical company Dwory, which already closely cooperates with PKN. Then company Ciech, while the third bidder should be a financial group. Some unofficial information quotes that short-listed company should be known by the end of this week, however the final decision on Kaucuk sell off should be known only in September. Previously there has been information that an average bid is some CZK 4.3bn.
Our view:
We believe that the news is not surprising at the moment and all three bidders were expected already at the end of May. Therefore the news should be already priced in and will not influence today’s trading with Unipetrol.