Borsodchem is interested in Spolana Neratovice

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Investiční bankovnictví KB

      Hungarian Borsodchem announced that it targets privatization in Romania and Czech Republic. In Romania, it is interested in privatization of Oltchim, which privatization recently failed but should be relaunched. In Czech Republic, it is interested in privatization of Spolana Neratovice, which is part of Unipetrol. It would take part in privatization as member of consortia, but it declined to comment on potential partners.

       In our opinion, Borsodchem would team up with Hungarian MOL. We expect MOL is predominantly interested in refineries and filling stations. Another Hungarian company TVK which is jointly owned by MOL and Borsodchem, could be interested in the other activities of Unipetrol (Chemopetrol and Kaucuk). Borsodchem is already present in the Czech Republic through its stake in Moravske Chemicke Zavody. Combining these three Hungarian companies, which could be possibly joined by Polish PKN Orlen, would create strong consortium, which should rank amount favorites of Unipetrol’s privatization.

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