OMZ said to sell Pilsen Steel for up to CZK 5bn by year's end

By ČTK / Published 24 July 2008 Plzen, July 23 (CTK) - The Russian engineering concern OMZ will sell the steelworks Pilsen Steel for around Kc4.8bn by the year's end at the latest, a source close to OMZ told CTK Wednesday. OMZ bought Pilsen Steel and Skoda JS, producing equipment for nuclear power plants, for about Kc1.1bn four years ago. OMZ is currently in talks with six bidders, including Russian, Spanish and Indian steel makers. The talks have been underway since the beginning of the year and the interest is unexpectedly high. Pilsen Steel will be certainly sold by the year's end, the source said. It would be more advantageous if Pilsen Steel was acquired by Russian companies but the price of the bid will be decisive, the source said. Pilsen Steel supplies castings for burnt fuel containers to Skoda JS. The sale of Pilsen... [read full story]