Shareholder says files suit over Spolana sale

24.04.2007 | , Reuters
Zpravodajství ČTK


perex-img Zdroj: Finance.cz

PRAGUE, April 24 (Reuters) - Minority shareholder Goldenfrazil said on Tuesday it had filed a lawsuit to annul a contract between Czech...

...downstream oil group Unipetrol and Poland's Anwil over the sale of chemicals plant Spolana.

Goldenfrazil, which said it controlled 3.6 percent of Unipetrol, said the company should have discussed such a plan with shareholders at a general meeting because it had strategic importance.

"The Unipetrol board, however, did not submit to minority shareholders any relevant data on the plan, nor on the whole divestment," Goldenfrazil said in a statement.

It said the sale price was too low.

Unipetrol is majority owned by Poland's PKN Orlen .

Last October, Unipetrol said it had sold an 82 percent stake in Spolana to Anwil, also a unit of PKN, for 640.6 million crowns ($30.98 million) plus the assumption of 660 million crown debt.

A Unipetrol spokeswoman said on Tuesday the firm had long said it did nothing wrong in the divestment, but had no immediate comment to the Goldenfrazil statement.

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