CEZ could privatize distributors in Western part of Bulgaria

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Investiční bankovnictví KB

      A source close to the privatization of Bulgarian distributors sad that EVN, E.ON and CEZ are likely winners in privatization of Bulgarian distributors. EVN and E.ON submitted the highest bids, out of which EVN bid for two packages of distributors. CEZ’s offer was the second highest. The privatization conditions say each investor could buy only one package of the distributors with the main criterion being the offered price. Combination of offers submitted by CEZ, EVN and E.ON maximizes the privatization revenue for the Bulgarian government reaching EUR 693.2m.

      

       Offers overview (EUR m)..............Western............Northeastern.........Southeastern

       EVN.............................................302.0...................271.0...................n.a.

       CEZ.............................................281.5...................171.5...................121.5

       E.ON............................................270.5.....................n.a....................140.7

       Enel.............................................241.2...................201.0..................120.6

       PPC,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,165.0...................180.0...................80.0

       Source: Reuters

      

       We expect the market to react positively on potential success of CEZ in privatization in Bulgaria. Another positive signal is that CEZ did not overpay in the privatization (its offer was second highest).

      

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