CORRECTED - UPDATE 1-Czech Unipetrol sells Kaucuk unit for 195 mln

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Czech oil processing group Unipetrol said on Tuesday it had agreed to sell its synthetic rubber unit Kaucuk to Poland's Firma Chemiczna Dwory for 195 million euros ($251.9 million).

Unipetrol, majority owned by Poland's PKN Orlen , has long been in talks on the sale of Kaucuk to Dwory, a strategic partner of PKN.

Unipetrol shares jumped 2.5 percent at the open to 240 crowns, beating the wider PX index which stood 0.1 percent weaker.

Some minority shareholders of Unipetrol had been questioning the pending deal saying Unipetrol management did not provide enough information on the divestment process.

Unipetrol said it had obtained three outside valuations of Kaucuk. Komercni Banka had estimated its value at 3.4 to 5.4 billion crowns, or 96 to 152 million euros, while Deloitte estimated it at 4.2 to 4.6 billion crowns. A court expert institution VOX put it at 4.4 to 4.7 billion.

"The price is fully in line with my expectation, I was expecting a price of five times mid-cycle EBITDA (earnings before interest, tax, depreciation and amortisation)," said Wood & Company analyst Bram Buring.

His evaluation suggested a price of 5.1 billion crowns, or 181 million euros.

"I think the price paid is moderately positive," he said, adding that further positive news was an agreement on future cooperation between the two firms.

Unipetrol said it had agreed to form a 51/49 joint venture with Kaucuk to build a new unit producing butadiene.

Unipetrol has called a news conference on the deal for 9.30 a.m. (0830 GMT). (editing by David Holmes; prague.newsroom@reuters.com; Reuters Messaging: +420-224 190 474)) ($1=.7740 Euro)

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Keywords: UNIPETROL DWORY/

[PRAGUE/Reuters/Finance.cz]