CEZ - FNM does not plan new valuation of distributors (17.2.2003)

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Investiční bankovnictví KB

      NPF announced on Friday that it does not plan new valuation of distribution companies, which should be merged with CEZ. Therefore only the Antimonopoly Office relies on new valuation, as it considers it as hidden support for CEZ. The company does not like the Antimonopoly Office’s decision and conducted a legal analysis, which showed that the Antimonopoly Office should review any suspicion of public support.

       Ministries of Industry and Finance confirmed that the Antimonopoly Office requires new valuation of distribution companies that should be merged with CEZ. It has already failed twice (in November and in January) to enforce this. The Ministries of Finance and Industry should reportedly discuss the requirement on Thursday 20 February.

       Delay of the transaction increases risks for CEZ. It is possible that CEZ would overpay for the distributors trying to complete the transaction as quickly as possible. Moreover, long-term planning of the company is not effective and gives easier access to competition of the Czech market.

      

      Tyto zprávy pro vás vytváří Investiční bankovnictví KB.