PKN Orlen to have a second go at Unipetrol?

Fuels group PKN Orlen will set up a consortium to bid for its Czech rival Unipetrol in a privatization tender slated for later this year. "The management board has already signed a letter of intent with Agrofert Holding," read PKN's statement on the issue. PKN said its strategy is to develop by expanding into other east Europe markets, and was part of a consortium that bid for the Czech government's 63% stake in Unipetrol in an aborted tender last year. Privately held Czech fertilizer producer Agrofert won that tender - for a stake analysts value at about $330 million - but the deal collapsed amid wrangling over price and financing problems. In the first quarter of 2003 Unipetrol earned $17.7 million, while PKN posted a profit of zł. 355 million on revenues of zł. 4.9 billion. (Reuters) A.K.