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CEZ Shares Tumble After Gov't Approves Law To Pave Way For Its Restructuring

  • Shares of the majority-state-owned energy utility CEZ plunged yesterday, extending these losses this morning, after the Cabinet greenlighted a bill that would make it easier to restructure the company. The legislation would lower the quorum of shareholders needed to approve restructuring, including asset splits, to 75% from the current 90%. The state owns about 70% of CEZ shares, which means that minority owners could block the government's plans to overhaul the utility.
  • The Chamber of Deputies holds an extraordinary session today to discuss legislation tightening the rules on media ownership by politicians. The changes are opposed by the main opposition ANO party, whose leader Andrej Babis owns multiple Czech media outlets.
  • EUR/CZK continues to move higher and is approaching the CZK23.8 figure this morning, despite little to rock the boar on Czech news wires. Yesterday's PPI data lent support to expectations of relatively quick decline in headline consumer inflation alongside gradual decline in core inflation.

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