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Shell waives Czech refinery share option

Reuters: Shell waives Czech refinery share option

Mon 30 August, 2004

Posted 31 August 04

PRAGUE (Reuters) – Royal Dutch/Shell says it will not exercise its option to buy extra shares in top Czech oil refinery Ceska Rafinerska, held by state-controlled group Unipetrol.

Shell is the first of three Unipetrol partners in Rafinerska — the other two are ENI’s Agip and ConocoPhillips — to react on an obligatory buyout offer made by Unipetrol in June.

Shell said on Monday it would keep its existing 16.3 percent stake in the refinery.

Unipetrol could get $235 million (131 million pounds) if partners bought all of its 51 percent of the shares in Rafinerska, a source close to the deal said earlier this summer.

But analysts said that control over its main subsidiary was more important than cash for Unipetrol.

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