PKN Orlen likely to bid for stake in Czech Unipetrol

The Czech Finance Ministry has decided to sell in one tranche a 63% stake of the state-owned fuel group Unipetrol and not to sell its six subsidiaries separately. Polish oil giant PKN Orlen is one of the bidders hoping to pick up the stake. "PKN Orlen will make a final decision after analyzing the tender requirements," read a communique from the concern's press office. The Czech government wants to sell the company by the end of 2003, or by the latest at the beginning of 2004. Other companies interested in Unipetrol are Hungarian MOL and Austrian OMV. According to Rafal Jankowski from CDM Pekao, the takeover would be a good move for Orlen, as it would gain access to a new gas station network. The estimated value of the transaction will exceed $200 million. However, the Czech government is hoping to receive over $300 million. (Parkiet, p. 3) M.M.