Czech Republic








Energy Markets

Fossil Fuels

Oil & Gas

British Organization - May 29

The following are the top stories on the business pages of British newspapers. has not verified these stories and does not vouch for their precision. The Times - Beatrice Offshore Windfarm Limited, a wind farm backed by SSE, the London-listed energy group, has actually agreed to pay 33.1 million pounds ($ 42.2 million) in redress after Ofgem found that it had charged excessive rates to decrease its output. - Ithaca Energy's veteran Executive Chairman Gilad Myerson stepped down on Tuesday, as the company announced a new line-up of executives to lead the company after the closing of its purchase of...

Fossil Fuels

Greek PM prompts EU to deal with high rates ahead of elections

Greek Prime Minister Kyriakos Mitsotakis has actually urged the European Union to lower prices as soon as possible, which he identified a crucial political challenge ahead of European parliamentary elections. Anger at falling living standards is shared by countless Europeans and is expected to damage assistance for mainstream parties in the June 6-9 elect the 720 lawmakers of the EU assembly. In a May 18 letter to European Commission President Ursula von der Leyen, the Greek conservative leader stated that inflation had actually highlighted issues in the performance of the markets which led to disparities in rates of essential items...

Fossil Fuels

Sev.en's Czech miner suspending CSA mine, to lay off employees

Severni Energeticka, part of the Sev.en energy group, will suspend mining at its CSA website and lay off 485 workers by July, the Czech brown coal miner stated on Thursday. The business is because of decide on terminating operations at the mining site in the coming months. It has actually said previously it expected CSA's closure in between 2024 and 2026. Mining will be ended in a controlled manner in the next few months, Severni Energeticka Chief Executive Petr Lenc stated. For now it is an suspension of mining. If a requirement appears for our coal in electricity or heat...

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

Royal Mail owner IDS set to concur $4.4 bln Kretinsky takeover quote

Royal Mail's moms and dad business International Distributions Services is set to concur a. 3.5 billion pound ($ 4.42 billion) takeover by Daniel Kretinsky. if the Czech billionaire tables an official deal, the British company. said on Wednesday. Kretinsky's investment lorry EP Group sweetened its bid to. purchase the owner of one the world's oldest postal business for 370. cent per share, after an earlier quote of 320 pence was turned down. by the London-listed firm last month. IDS shares skyrocketed as much as 23% to 335 pence, their greatest. level in 2 years. They were last up 15% at...

Electric Utilities

CEZ posts rise in Q1 net profit, validates FY outlook

Czech utility CEZ published a 25% yearonyear increase in firstquarter net revenue, it said on Tuesday, with the absence of a levy on excess production enhancing earnings while a windfall tax continued to weigh. CEZ saw its earnings more than halve to 34.8 billion crowns ($ 1.51 billion) in 2015 amid windfall taxes and the levy on excess sales. It forecast an additional drop in revenue to a variety of 25 billion to 30 billion crowns this year, an outlook it validated on Tuesday. In the very first quarter, it published an adjusted earnings of 13.6 billion crowns, above the...

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...

Mining

Mineral Resources

Mineral Resources

RPT-Czech billionaire Kretinsky's vast empire

Czech billionaire Daniel Kretinsky has continued with his buying spree this week with a deal through financial investment automobile EP Group to take the owner of Britain's Royal Mail private. Kretinsky, 47, a former investment bank attorney who built among Europe's biggest energy groups, Energeticky a Prumyslovy Holding ( EPH), has actually been diversifying into retail, media and other areas. His net worth stands at $9.4 billion, according to Forbes. Kretinsky operates through different financial investment lorries, including EP Group and VESA Equity Investment. The latter has actually a. portfolio valued at more than 3 billion euros ($ 3.24 billion),....

Mineral Resources

British Service - May 30

Following are the top stories on the business pages of British newspapers. has not verified these stories and does not vouch for their precision. The Times - Columbia Threadneedle Investments, which holds about 5% of Royal Mail owner International Circulation Provider, believes that the deal of 370 pence a share by Czech billionaire Daniel Kretinsky underestimates the postal services group. - Sony Music is in talks to acquire Queen's music brochure, that includes hits such as Bohemian Rhapsody and We Will Rock You, in what might be one of the biggest offers of its kind to date. The Guardian -...

Mineral Resources

Thyssenkrupp to pare back funding for steel system in 50:50 JV with Kretinsky

Thyssenkrupp will merely contribute funding to its steel division needs to the German corporation agree on a 50:50 joint venture for the unit with Czech billionaire Daniel Kretinsky, it said on Wednesday. The German group prepares to close a sale of 20% in the department to Kretinsky by the end of September while talks over the sale of an extra 30% in Thyssenkrupp Steel Europe ( TKSE) continue. Thyssenkrupp said that it would continue to finance the steel department for the time being after the sale of the 20%. stake in the steel to Kretinsky has actually been completed by...

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...