CEZ will not hurry with sale of its stake in Severoceska energetika

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Investiční bankovnictví KB

      Deputy industrial minister Pecina also commented on the planned sale of company’s stake in Severoceska energetika. Based on the decision of the Antimonopoly Office, CEZ has to sell majority stake in one distribution company and he selected Severoceska energetika. He said that CEZ will not hurry with the sale, but declined to comment on deadline, when CEZ has to divest its stake.

       We believe that CEZ has decent chance to challenge the Antimonopoly Office’s decision after Czech Republic joins the EU. The acquisition of the distribution companies was originally reviewed in context of the Czech electricity market, but the market situation will change after the EU accession. We based our valuation model on assumption that CEZ will keep its control over Severoceska energetika. If this is not to happed, we would have to revise downwards our fair value estimate of CZK 186 per share.

      Tyto zprávy pro vás vytváří Investiční bankovnictví KB.