PKN CEO said on a conference in Warsaw yesterday that he does not rule out a public offer for the minority shareholder of
Unipetrol.
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.