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Czechs approve PKN Unipetrol bid.(News)(PKN Orlen)
The Czech cabinet has approved a bid by Polish oil firm PKN Orlen for a 63pc state-owned stake in Czech down-stream company Unipetrol.
PKN Orlen was the sole remaining bidder following the withdrawal of two other would-be buyers. But it must wait to find out whether the Czech company's all important refining interests are still on the table.
PKN has offered Kc13.05bn ($476.4mn) for the stake in Unipetrol. The other two bidders, Shell and Hungarian oil and gas firm Mol, dropped out at the end of last week, shortly before the government's deadline for submitting binding bids.
Observers say PKN has offered a fair price for the stake in Unipetrol, whose …
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