FNM to sell Vitkovice Steel
According to latest industry reports, the National Property Fund (FNM) is going to sell Vitkovice Steel (VS). A tender will be held in the end of 2003 by FNM. After receiving necessary approvals, the transaction is expected to eventuate by the end of the year.
VS has been under control of Osinek, a subsidiary of FNM, since mid-2002. FNM has decided to sell VS in the end of 2002, but the CzK 700 million bid suggested by LNM, founded too low. Currently, LNM offers CzK 1 billion for the company. Also, Penta Group and Trinecke Zelezarny in team with
US Steel are interesting in VS.