CEZ – Appian Group offers at least CZK 7.5bn for Severoceske doly
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Investiční bankovnictví KB
Appian Group, which originally offered the smallest amount of CZK 4.8bn in privatization of Severoceske doly announced yesterday, that it raised its offer to match the government expectations. Thus it is offering at least CZK 7.5bn, which is the lower end of valuation of Severoceske doly prepared for the government. Financial group Pentra recently increased its offer to this level. J&T is offering CZK 6.8bn.
The news appears optimistic for CEZ, as all the offers are higher that its original purchase price of a 37% stake in Severoceske doly and therefore it would not have to revaluate its stake in the company downwards, which would have had negative impact on CEZ’s financial results. On the contrary, the highest offers exceeds the valuation of CEZ’s stake by CZK 1.2bn. If Severoceske doly is privatized for CZK 7.5bn and CEZ takes part in the subsequent buyout it would book profit of CZK 460m calculated as difference between the privatization price of CZK 1,515 reduced by 15% to CZK 1,288 and original purchase price of CZK 1,151.
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