The state plans to swap its 14.19% stake in Prazska energetika (PRE); a Prague distribution company, for a 0.51% stake in CEZ with J&T; a local financial institution, which holds 34% in PRE.
Our view: we would view the new as rather neutral, given the fact that PRE has a private company for several years. The state’s stake in CEZ would thus increase to 68.122%.
(source: EURO)