UPDATE 2-Unipetrol sells Spolana for CZK 640 mln, shares dip

(Adds comment on sale proceeds, updates shares)

PRAGUE, Oct 27 (Reuters) - Czech oil group Unipetrol <UNPEsp.PR> announced on Friday the sale of chemical plant Spolana for a lower-than-expected 640.4 million crowns ($28.6 million), sending its shares down.

The Czech downstream oil processing and chemicals group sold 82 percent of Spolana to Poland's Anwil, a unit of Unipetrol's majority owner PKN Orlen <PKNA.WA>, and said it would incur a consolidated loss of 350 million crowns as a result.

Unipetrol's shares fell 1.2 percent to 203.10 crowns by 0850 GMT, underperforming a slight gain in the blue-chip Prague stock market index PX <.PX>.

The purchase price came below some analysts' expectations that the stake would be worth about 1.1 billion crowns, but Unipetrol said the transaction also included the assumption of Spolana's 660 million crowns in debt by Anwil.

"The terms of the agreement at first glance seem fair, but the market may take the news negatively especially regarding the loss they would generate from the transaction," said Bram Buring, an equity analyst at Wood & Company in Prague.

Unipetrol said in a statement it wanted to use the cash from the Spolana sale for business development and debt restructuring.

The statement followed comments by Chief Executive Francois Vleugels in a Reuters interview on Wednesday that revenue from divestments could be used for acquisitions or investments to improve efficiency but that a special dividend remained an option.

Unipetrol is also negotiating a sale of synthetic rubber unit Kaucuk to another Polish firm, Dwory. Vleugels said the deal should be completed by the end of the year.

The value of Spolana's shares in the Unipetrol books was 986 million crowns, said PKN, which owns 63 percent of the Czech company.

"Total price for the shares is 640 million crowns (or around 87.7 million zlotys) and will be paid by Anwil from its own funds in cash," PKN said in a statement.

"Anwil is obligated to undertake financial restructuring of Spolana via satisfaction in full of the debt owed by Spolana to Unipetrol amounting to 660 million crowns," the company added. ((Reporting by Marek Petrus and Jan Korselt; Editing by Alan Crosby/Jane Baird; Reuters Messaging: rm://marek.petrus.reuters.com@reuters.net; e-mail: prague.newsroom@reuters.com or marek.petrus@reuters.com; Tel: +420 224 190 477)) ($1=22.38 Czech Crown)

Keywords: CHEMICALS CZECH UNIPETROL