PKN CEO said on a conference in Warsaw yesterday that he does not rule out a public offer for the minority shareholder of Unipetrol
shares closed up 3.2% yesterday on the buyout speculation.
Our view: It was the first time Orlen
management had indicated buying out the rest of the shares was an option. As our valuation puts Unipetrol
fair value at CZK
256 per share and we believe PKN
should pay a premium over this price to squeeze out minorities, we expect further increase in the share price.