UPDATE 1-Unipetrol sells Spolana for CZK 640 mln, shares dip

(Adds Spolana debt restructuring, loss resulting from sale)

PRAGUE, Oct 27 (Reuters) - Czech oil group Unipetrol <UNPEsp.PR> announced on Friday the sale of chemicals plant Spolana for a lower than expected 640.4 million crowns ($28.61 million), sending its shares lower.

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

The news hurt Unipetrol's share price which fell 1 percent to 203.50 crowns by 0810 GMT, underperforming a slight gain in the blue-chip Prague stock market index PX <.PX>.

The purchase price is below expectations of some analysts who estimated the stake to 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 the PKN unit 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, equity analyst at Wood & Company in Prague.

"The market will be interested to hear what Unipetrol will do with the proceeds from the sale, whether and how they will possibly reinvest the cash or perhaps pay dividends," he added.

Unipetrol executives called a news conference for 10 a.m. (0800 GMT) in Prague to discuss the transaction.

The book 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; Editing by Alan Crosby; 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