Unipetrol - privatizační komise vyloučila nabídku Norex

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Investiční bankovnictví KB

      Steering committee for privatization of Unipetrol disqualified bid of Canadian Norex, as it was not reportedly submitted on time. However, the commission failed to shortlist the investors, who would be allowed to conduct due diligence in Unipetrol. The commission should meet again next week. Thus the remaining investors stays in the race including Royal Dutch/Shell, PKN Orlen, MOL, Tatneft and KazMunaiGaz. According to a source close to the privatization, Tatneft reportedly submitted the highest bid of CZK 16bn.

       The price would probably only matter in privatization of Unipetrol. We expect the bid of CZK 16bn includes bid for receivables after Unipetrol. The offered price of Unipetrol’s shares will depend on the amount offered for the receivables. The below table shows that even if the Russian company would offer 100% of nominal value for the receivables, the expected buyout price would equal to CZK 89, which is about 27% higher compared to the current market price of around CZK 70.

      

       Offered price (CZK bn)..........16

       Receivables (CZK bn)...........4.1

       Price for receivables (% of nominal).......50.......60.......70.......80......90......100

       Price for shares (CZK bn)....................14.0.....13.5....13.1.....12.7....12.3...11.9

       Price per share (CZK)..........................122......119.....115......111....108....104

       Expected buyout price (CZK)................104.......101.....98........95......92......89

      

      

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