Czech daily Pravo informed that Cyprus-based company Goldenfrazil Limited, holder of 3.7% stake in Unipetrol, appealed the decision of Unipetrol's EGM held on April 13, 2006. The agenda included changes of statutes and discussion of strategic goal of the company. Goldenfrazi claims that changes to the statue forced by majority owner PKN Orlen took away the possibility of minority shareholders to decide on Kaucuk and Spolana sell-off. Press reports that other minority shareholders are considering similar legal steps.
Our view:
In most of the countries it is not typical that minority owners have the right to block disposal of smaller assets. Therefore, we do not see to much chance for Goldenfrazil Limited to reverse this deal.