Final Word from Friday, March 26, 2004

Businessman František Mrázek told HN last Oct. that the people who take over Severočeské doly coal mines will also gain control of ČEZ power company. The final pieces are falling into place for the ex-ČEZ managers behind Appian Group. They've already installed Martin Roman, their man from Škoda, as CEO of ČEZ; Škoda provides most of the servicing and spare parts for ČEZ's turbines and reactors; and now the industry ministry is pushing to sell Severočeské to a JV between Appian and ČEZ. Appian's goal, according to people familiar with the situation, is to get as much money out of ČEZ as possible through service and coal contracts and then perhaps to use the money to buy ČEZ itself. Even if an outright purchase isn't possible, Appian will be so in control of ČEZ that any potential buyer of the state-owned company will have to deal primarily with it.


Tel: 420 224 221 580

Published by

E.S. Best s.r.o.
Ovenecká 78/33
170 00 Prague 7
Czech Republic



FS Final Word