Unipetrol jumps on Rafinerska stake rumours

...stake in Unipetrol subsidiary Ceska Rafinerska, traders said.

The shares traded 5.2 percent up at 286 crowns at 1050 GMT, the highest since February 2006, beating the main Prague PX index which fell 0.9 percent.

"There is speculation again that the deal that was (reported) last week, concerning ENI and Ceska Rafinerska, is true," one Prague trader said.

"I have not seen this information officially confirmed."

One analyst confirmed the price rise was on the back of the speculation.

Traders said the stock was also boosted by a target price hike to 315 crowns from 250 by brokerage Wood and Company.

Italian newspaper Il Sole reported last week that ENI may have raised its 16.3 percent stake in Rafinerska buy buying another 16.3 percent from ConocoPhillips .

Traders said a high reported valuation of the deal would lift the valuation of Unipetrol's own stake in Rafinerska.

ENI, Unipetrol and Rafinerska had no immediate comment on the report, and ConocoPhillips officials in the Czech Republic could not be immediately reached.

None of the parties involved has confirmed or denied the report since last week.

Unipetrol is majority owned by Poland's PKN Orlen .

[PRAGUE/Reuters/Finance.cz]