Reuters: Shell waives Czech refinery share option (ShellNews.net)
Mon 30 August, 2004
Posted 31 August 04
PRAGUE (Reuters) - Royal Dutch/Shell says it will not exercise its option to buy extra shares in top Czech oil refinery Ceska Rafinerska, held by state-controlled group Unipetrol.
Shell is the first of three Unipetrol partners in Rafinerska -- the other two are ENI's Agip and ConocoPhillips -- to react on an obligatory buyout offer made by Unipetrol in June.
Shell said on Monday it would keep its existing 16.3 percent stake in the refinery.
Unipetrol could get $235 million (131 million pounds) if partners bought all of its 51 percent of the shares in Rafinerska, a source close to the deal said earlier this summer.
But analysts said that control over its main subsidiary was more important than cash for Unipetrol.
http://www.reuters.co.uk/newsPackageArticle.jhtml?type=businessNews&storyID=573852§ion=finance