Steel companies will absorb further billions of Czech crowns

Article Abstract:

Czech Republic: According to an expert study of Eurostrategy, the largest domestic metallurgy firms should be connected to one unit shortly. They should be the metallurgy firms Trinecke zelezarny (TZ) (Czech Republic), Nova hut (Czech Republic), the steel division of Vitkovice (Czech Republic) and Vysoke pece (Ostrava, Czech Republic). The owners of the newly set up unit called Cesky ocelarsky podnik (COP) (Czech Republic) should be TZ's private owners. They should buy the firms cleared of debts for CEK 1. TZ has been privatized, its majority shareholder is Moravia Steel (Czech Republic) and its minority shareholder is the steel firm CMC (US), which is backed by the investment bank Goldman Sachs. The study of the restructuring of the Czech industry is supported by the Ministry of Industry. CEK 34 bil should be spent on the restructuring during 2001-2005. The government will negotiate the project by the end of Jul 2001. Eurostrategy offers to realize the merger of the four companies by the end of 2001, including agreement from the side of the European Union. COP is expected to see a gross profit of CEK 878 mil under a turnover of CEK 52.2 bil in 2002. In 2005 it should see a turnover of CEK 73.5 bil. The number of the employees of the metallurgy sector should decrease by about 25%, 12,000 persons, during the next three years.

Asset sales & divestitures, Acquisitions & mergers, Research and Development in the Physical, Engineering, and Life Sciences, Iron and Steel Mills, Primary Iron & Steel, Iron and Steel Mills and Ferroalloy Manufacturing, Blast furnaces and steel mills, Blast Furnaces & Steel Mills, Blast Furnace and Basic Steel Products, Physical Sciences, Brief Article, Vitkovice, Trinecke zelezarny, Nova Hut Valcovna za studena spol S.R.O., Vysoke pece, Cesky ocelarsky podnik, Moravia koncernovy podnik

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The Belgian firm Interbrew increases the stock of the unprofitable firm Prazske Pivovary

Article Abstract:

Prazske pivovary (PP) (Prague, Czech Republic), brewing firm, will increase its stock by 50% to CEK 3.4 bil. The stock increase should cover PP's cumulative losses for the past few years. PP will decrease the nominal value of its shares from CEK 100 to 25% first. Its stock will decrease to CEK 429 mil due to the step. Then, PP will have new shares subscribed to and Interbrew will increase its stock by CEK 3 bil. The step should help PP decrease its outer debts and ensure operating capital. Interbrew, PP's new owner, entered PP by the purchase of a 80% stake in the firm from Bass Brewers in 2000. Currently, Interbrew holds a 97% stake in PP. It acquired the stake by three mandatory public offers for the purchase of shares. In 2000 PP saw a preliminary loss of CEK 789 mil.

Sales, profits & dividends, Beer & Other Malt Beverages, Breweries, Malt beverages, Prazske Pivovary

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