Czech Unipetrol trade to be suspended in preparation for delisting

Trade with Unipetrol stock will be suspended as of Sep 26 in preparation for delisting the company from the Prague Stock Exchange (BCPP), according to an official announcement. PKN Orlen, the majority shareholder in Unipetrol, decided to close the company and buy out the remaining 5.97% stake held by minority shareholders at the latest shareholders’ meeting on Aug 28. PKN Orlen has already made a buyout offer of CZK380/share, though some shareholders have disputed the price, arguing that it was below what Unipetrol’s performance suggested. Their demand is for a CZK420/share buyout price, though market experts have been arguing that a realistic price would be at about CZK400/share, or somewhere in the middle.

PKN Orlen is also making some changes to Unipetrol’s board, which will have seven members as of October. Krzysztof Zdziarski will remain as chairman and CEO. Unipetrol is one of the largest oil companies in the market and owns the largest domestic network of petrol stations, Benzina. Unipetrol reported a record profit of CZK8.7bn in 2017, while sales jumped by 39% to CZK122.5bn.

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