Czech Republic

Energy Markets

Fossil Fuels

Oil & Gas

Deals of the day-Mergers and acquisitions

The following quotes, mergers, acquisitions and disposals were reported by 1930 GMT, on Thursday: ** Niagara Energy is releasing a quote to purchase up to the entirety of shares in Enel Generacion Peru, a South American power generation subsidiary of Italian utility Enel, the Lima stock market stated in a statement. ** U.S. fund Elliott Management and Japan's SoftBank Group are set to merge their Italian bad loan businesses in a cash-and-shares deal, SoftBank-backed doValue said, as the industry combines to weather tough times. ** SilverBow Resources shareholder Riposte Capital backed Kimmeridge Energy Management's most current buyout offer that valued...

Electric Utilities

Electric Utilities

Hong Kong's CK Group to purchase N.Ireland natgas supplier for $945 mln

A consortium of Hong Kong's CK Infrastructure, CK Property, and Power Assets will acquire a Northern Ireland gas distribution network operator, Phoenix Energy, for an enterprise value of about HK$ 7.4 billion ($ 945.3 million). The consortium will acquire Lionrai Investments No. 1, which owns Phoenix Energy, from NatWest Group Pension Fund and Utilities of Australia International, the group stated in a. statement on Wednesday. The business worth comprises of equity value of 312.6. million pounds ($ 389.6 million) and a net financial obligation of 444.4 million. pounds, the group stated. Billionaire Li Ka-shing's facilities flagship CK. Infrastructure and property...

Electric Utilities

Czech lower house turns down legislative modification that would reduce CEZ split, shares up

Czech lower house legislators on Wednesday declined, as anticipated, a contested passage in a. bill on company transformations that critics said would make it. easier for the federal government to spin off or take control of parts of. power energy CEZ. CTK news firm reported that legislators deleted the passage. before authorizing the federal government's changed bill, which will now. head to the upper house Senate. The government last year proposed lowering the quorum required. to concur public company divides where stock in successor companies. would be distributed unevenly between investors. The suggested change, part of a broader costs that...

Electric Utilities

CEZ yearly earnings halves on windfall tax and levies; sees further drop in 2024

Czech electrical energy manufacturer CEZ stated on Thursday its annual adjusted net profit more than cut in half in 2023, struck by windfall tax and other levies, including that it expected the incomes drag to continue in 2024. Its adjusted net revenue dropped 56% to 34.8 billion crowns ($ 1.51 billion) for the year ended Dec. 31, however remained in the business's anticipated variety of 33 billion-37 billion crowns. A. rise in electricity prices drove CEZ to a record profit of 78.4. billion crowns in 2022. Incomes before interest, tax, devaluation and amortisation. ( EBITDA) fell 5% to 124.8 billion...

Mining

Mineral Resources

Mineral Resources

Czech court promotes financial obligation moratorium on steelmaker LIBERTY Ostrava

A Czech court upheld on Wednesday a moratorium on financial obligation owed by significant steelmaker LIBERTY Ostrava, and the company has actually pledged to provide a finished restructuring plan to lenders by the end of next week, a. regional court representative said. The choice provides the business, which utilizes around 6,000,. breathing space to convince lenders, including its main energy. supplier, to back a restructuring plan that aims for the restart. of the firm's blast heating system that has been idle considering that October. The moratorium was declared on Dec. 21 for three months. The company, which operates in the...

Mineral Resources

Liberty Steel UK to restructure business after Deal with Creditors

Liberty Steel, which is owned by commodities tycoon SanjeevGupta has reached an accord with major creditors following the raising of capital. This agreement paves the way for restructuring its British business. Liberty is part Gupta’s family conglomerate GFG Alliance. The company has refinanced its steel, aluminum and energy businesses after its financier, supply chain financing firm Greensill filed for bankruptcy in March 2021. A statement stated that the capital increase included a $350m bond issued by one of their Australian units via Jefferies, and a term loan of $350m asset-backed from BlackRock and Silver Point Finance. The creditor agreement will...

Mineral Resources

Report: Liberty's Czech Steel Mill pledges 200 Million Euros in cost reductions

The Czech steelmaker Liberty Ostrava plans to reduce costs by 200 millions euros ($218.4million) and production by over half as part of a restructuring plan designed to restart its idled blast-furnace, the daily Hospodarske Noviny announced on Monday. On February 28, a regional court spokesperson said that the company had committed to deliver to creditors a complete restructuring plan by the end last week after the court upheld the moratorium on its debt. Liberty Ostrava's spokesperson confirmed that the company began presenting its restructuring plans to creditors on Sunday. However, the group didn't disclose any details in their statement. The...

Mineral Resources

LIBERTY's Czech steel mill says it used to buy energy provider

Significant Czech steel maker LIBERTY Ostrava is making a takeover offer for TAMEH Czech, an insolvent energy manufacturer to whom it owes millions of dollars, to deal with a crisis that has actually hobbled both companies, a supervisor at the steel maker stated. LIBERTY momentarily shut down its only operating blast heater in October amidst weak need. It sent out most of its 6,000 workers home and entered a three-month debt moratorium in December pending restructuring efforts. TAMEH, which declares over 2 billion crowns ($ 85.55 million). in past-due financial obligations from LIBERTY, shut down materials and declared. insolvency. Resolution...