17 November 2005 15:01 [Source: ICIS news]
PRAGUE (ICIS news)--The Czech government has on Thursday positioned itself to try and regain a stake in Czech biodiesel additives supplier Setuza following the shock takeover of its holding, using a little-known buy option agreed with a former agriculture minister.
A source at the prime minister’s said that yesterday’s cabinet meeting had reversed the earlier decision after the stake grab which gave Cesky Olej 90.7% control of the firm. This meant ministers would look at writing-off a long-term Koruna3bn ($121.7m/Euro101.5m) debt, which they say Setuza owes the state, with the debt cancellation being performed in return for a new Setuza stake.
“However, the government is still not entirely convinced by the legality of the utilised buy option and it is having it further examined,” the source said.
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