A minority shareholder group in Unipetrol claimed Monday that Dwory's CZK 5.5 bln purchase of Unipetrol synthetic rubber unit Kaucuk last week was far below market value naming the CZK 8-9bn as a fair value.
Our view:
SRU’s claim is unlikely to have an impact on Unipetrol share price, which jumped 4% on the news of Kaucuk disposal, indicating that market expected lower selling price. We have expected CZK 4.1bn versus the actual selling price of CZK 5.5bn.