Unipetrol sold its unit Kaucuk to Polish chemical company Dwory for EUR195m or some CZK 5.5bn, Unipetrol reported yesterday. Dwory offered the highest price in a tender. The transaction will be settled after conditions precedents are fulfilled, in about six-to-nine months, Unipetrol representatives said. The company said it would use the proceeds for investments and debt restructuring pointing out its strong interest in a 16.3 percent stake in refinery Ceska Rafinerska being put up for sale by ConocoPhillips.
Our view: The sell price appeared to be higher than the initial market expectation of CZK 4.1bn. Unipetrol shares reacted with a 1.6 percent growth to CZK 237.9 yesterday. We welcome the strategy of the company To concentrate on its core businesses, and think that the further stake in Ceska Rafinerska will be to be a good addition from operational and strategic point of view.