Government to hold Severoceske Doly privatisation talks with CEZ

13-07-2005

The Czech Government will approach power utility CEZ on the sale of the state's majority stake in the North Bohemian coal mines Severoceske Doly. After last year's failed privatisation attempt, the cabinet decided on Wednesday to hold talks with CEZ exclusively. The company, which is one of the biggest in the country, already controls 13 brown coal mines, one black coal mine, two nuclear power plants and dozens of hydropower plants. It will have 90 days to present its proposed purchase price, which economists expect will range from 8 to 10 billion Czech crowns (an estimated 350-440 million US dollars).