Final Word from Thursday, May 25, 2006
ODS Chair Mirek Topolánek told HN that selling ČEZ would be very risky given the energy situation in Europe. However, ODS's lead industry expert, MP Martin Říman, told Právo that the selloff should begin as soon as possible. He wants a special law for limiting the stake of any single owner to 10%. With the Russians in virtual control of the nuclear side, no Western company would be in a position to buy all of ČEZ anyway. A possible scenario is that various Czech and Russian financial groups will each take their 10% stake, agree on an obedient management team for avoiding a proxy fight, squeeze ČEZ for what they can, lobby to have the 10% cap removed, and then sell out to Gazprom for double the money. Czech financiers have become experts in providing just such "value added" at the intermediary stage between state ownership and the privatization to a foreign buyer. [Czech Republic electricity nuclear power]