PKN Orlen offers CZK 13.05bn for Unipetrol

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Investiční bankovnictví KB

      Polish company PKN Orlen was the only bidder, which submitted binding bid in privatization of Unipetrol. The other two investors MOL and Royal Dutch/Shell did not submit their bids. PKN Orlen offered CZK 13.05bn. PKN Orlen offers CZK 11.304bn for government’s stake in Unipetrol, CZK 1m for stake of Ceska Konsolidacni Agentura in Spolana Neratovice the remaining part about CZK 1.7bn was offered for the liabilities of the Unipetrol’s subsidiaries. The offer from PKN Orlen reportedly does not include any extra conditions (e.g. related to the exercise of option to buyout Unipetrol from Ceska Rafinerska by IOC). Privatization committee should meet on Monday and according to the vice-chairman of the NPF Pavel Kuta it would probably recommend PKN Orlen as winner of the privatization tender. The government should decide about the winner by the end of April or at the beginning of May.

       The bid from PKN Orlen is slightly lower compared to our expectations of CZK 13.5bn. However, the structure of the bid is more favorable. Shares of Unipetrol is pure privatization story and offer of CZK 11.3bn is more than our as well as the market expectations. PKN Orlen offered about CZK 98 per share, which implies buyout price of about CZK 84 per share. It represents a premium of 21.6% compared to the Friday’s closing price. Therefore, we expect positive price reaction when trading with Unipetrol’s shares resumes.

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