CEZ secret revealed

Yesterday's secret in the CR is today's headline. The finance ministry declared last week that the details of the state's sale of 7% of ČEZ wouldn't be disclosed, including the name of the broker. But Euro reported today that Česká spořitelna will be chosen by the state as its broker, perhaps along with Komerční banka. (Wood & Co. and Patria Finance will represent ČEZ.) So much for keeping a secret! The actual sale will take months, and trading information is bound to leak out as well. This could mean long-term profit opportunities for those who obtain the information first, esp. if they're trading on margin. The losers will be the minority shareholders of ČEZ, including coupon investors and fund managers alike. Their shares will be the ones skimmed from. As long as the share price keeps rising, they'll grin and bear it. But if the market turns around, there could be lots of angry people. [Czech Republic magazine]