{"id":72276,"date":"2026-05-01T08:33:12","date_gmt":"2026-05-01T08:33:12","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/72276\/"},"modified":"2026-05-01T08:33:12","modified_gmt":"2026-05-01T08:33:12","slug":"operace-cisty-rez-aneb-jak-ovladnout-cez-bez-pravnich-valek","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/72276\/","title":{"rendered":"Operace \u010cist\u00fd \u0159ez aneb Jak ovl\u00e1dnout \u010cEZ bez pr\u00e1vn\u00edch v\u00e1lek"},"content":{"rendered":"

V\u00a0ekonomick\u00e9 oblasti nen\u00ed viditeln\u011bj\u0161\u00edho bodu \u010desk\u00e9ho vl\u00e1dn\u00edho programu ne\u017e snaha o dosa\u017een\u00ed pln\u00e9 kontroly nad energetickou skupinou \u010cEZ.\u00a0Jak premi\u00e9r Andrej Babi\u0161, tak ministr pr\u016fmyslu a obchodu Karel Havl\u00ed\u010dek tento krok opakovan\u011b zm\u00ednili<\/a>, p\u0159i\u010dem\u017e zd\u016fraz\u0148ovali, \u017ee minoritn\u00ed akcion\u00e1\u0159e, dr\u017e\u00edc\u00ed v\u00a0sou\u010dasn\u00e9m \u010cEZ 30procentn\u00ed pod\u00edl, m\u00e1 vykoupit sama spole\u010dnost.\u00a0<\/p>\n

Ur\u010dit, jak\u00e1 technika bude zvolena<\/a>, je z\u00a0pohledu managementu delik\u00e1tn\u00ed z\u00e1le\u017eitost. Nem\u016f\u017ee toti\u017e plnit jen zad\u00e1n\u00ed v\u011bt\u0161inov\u00e9ho vlastn\u00edka, tedy st\u00e1tu reprezentovan\u00e9ho ministerstvem financ\u00ed, a p\u0159itom nedbat z\u00e1jm\u016f akcion\u00e1\u0159\u016f jako celku, v\u010detn\u011b t\u011bch men\u0161inov\u00fdch. Pravidla spr\u00e1vy korporac\u00ed v\u00a0tomhle sm\u011bru mluv\u00ed zcela jednozna\u010dn\u011b.\u00a0<\/p>\n

Minul\u00e1 vl\u00e1da Petra Fialy m\u011bla stejn\u00fd c\u00edl, akor\u00e1t cht\u011bla \u201eu\u0161et\u0159it\u201c a v\u00a0roce 2023 zkonstruovala poh\u0159\u00edchu \u00fa\u010delovou \u201etranspozi\u010dn\u00ed\u201c novelu z\u00e1kona o p\u0159em\u011bn\u00e1ch obchodn\u00edch spole\u010dnost\u00ed. Podle n\u00ed by sta\u010dilo, aby byli na valn\u00e9 hromad\u011b schvaluj\u00edc\u00ed rozd\u011blen\u00ed p\u0159\u00edtomni akcion\u00e1\u0159i, kte\u0159\u00ed vlastn\u00ed akcie se jmenovitou hodnotou p\u0159esahuj\u00edc\u00ed dv\u011b t\u0159etiny z\u00e1kladn\u00edho kapit\u00e1lu, a pro rozd\u011blen\u00ed se vyj\u00e1d\u0159ilo aspo\u0148 75 procent hlas\u016f akcion\u00e1\u0159\u016f p\u0159\u00edtomn\u00fdch na valn\u00e9 hromad\u011b.<\/p>\n

\"\u010cEZ<\/a>\u010cEZ posiluje jadernou divizi. Koupil firmu, kter\u00fd se m\u00e1 pod\u00edlet na nov\u00fdch bloc\u00edch v Dukovanech<\/a><\/p>\n

Jinak \u0159e\u010deno, byla to forma vyt\u011bsn\u011bn\u00ed minoritn\u00edch akcion\u00e1\u0159\u016f, je\u017e by st\u00e1t se sv\u00fdm pod\u00edlem 70 procent pohodln\u011b p\u0159ehlasoval. Minorit\u00e1\u0159i by pak dostali pln\u011bn\u00ed v\u00a0akci\u00edch n\u00e1stupnick\u00e9 spole\u010dnosti, kter\u00e9 by byly rovn\u011b\u017e p\u0159ijaty k\u00a0obchodov\u00e1n\u00ed na evropsk\u00e9m regulovan\u00e9m trhu. Akcion\u00e1\u0159e hlasuj\u00edc\u00ed proti by spole\u010dnost vykoupila za posudkovou cenu.<\/p>\n

Takov\u00e9 typy transakc\u00ed nejsou p\u0159i restrukturalizac\u00edch firem nezvykl\u00e9, a jak si uk\u00e1\u017eeme, tak \u201esplit-off\u201c nebyl je\u0161t\u011b v\u00a0ned\u00e1vn\u00e9 minulosti v\u00a0energetick\u00fdch spole\u010dnostech ni\u010d\u00edm vz\u00e1cn\u00fdm. Rozd\u00edl je v\u00a0tom, \u017ee v\u00a0jin\u00fdch jurisdikc\u00edch plat\u00ed pro rozhodov\u00e1n\u00ed p\u0159\u00edsn\u00e1 kv\u00f3ra \u2013 pro vyt\u011bsn\u011bn\u00ed (\u201esqueeze-out\u201c) typicky 90 procent. A proto\u017ee zdej\u0161\u00ed novela byla a\u017e p\u0159\u00edli\u0161 \u00fa\u010delov\u00e1, vyslou\u017eila si pr\u00e1vem p\u0159ezd\u00edvku \u201elex \u010cEZ\u201c.<\/p>\n

\u201e\u010cesk\u00e1 cesta\u201c vyvolala z\u00e1konit\u011b kritiku odborn\u00edk\u016f<\/a>, o jej\u00edm okam\u017eit\u00e9m odm\u00edtnut\u00ed rozzu\u0159en\u00fdmi minoritn\u00edmi akcion\u00e1\u0159i ani nemluv\u011b, a nakonec schytala takov\u00fd medi\u00e1ln\u00ed v\u00fdprask, \u017ee Fialovu vl\u00e1du chu\u0165 ovl\u00e1dnout \u010cEZ stoprocentn\u011b p\u0159e\u0161la. Jej\u00ed n\u011bkdej\u0161\u00ed p\u0159edstavitel\u00e9 dnes my\u0161lenku v\u00fdkupu a n\u00e1sledn\u00e9ho vyt\u011bsn\u011bn\u00ed kritizuj\u00ed z opozi\u010dn\u00edch lavic jako finan\u010dn\u011b p\u0159\u00edli\u0161 n\u00e1ro\u010dnou.\u00a0<\/p>\n

Co\u017e o to, levn\u00e9 to nebude, nicm\u00e9n\u011b leg\u00e1ln\u00ed ano. A korektn\u00ed postupy neb\u00fdvaj\u00ed levn\u00e9. Zato vytv\u00e1\u0159ej\u00ed takov\u00e9 pozitivn\u00ed externality, jako je d\u016fv\u011bra v\u00a0investi\u010dn\u00ed prost\u0159ed\u00ed a v\u00a0z\u00e1sad\u011b benign\u00ed zp\u016fsob vl\u00e1dnut\u00ed v\u00a0\u010cesku. Ob\u011b nezanedbateln\u011b sni\u017euj\u00ed investorsk\u00fd \u201ecountry risk\u201c ukazatel, a tud\u00ed\u017e zlev\u0148uj\u00ed kapit\u00e1l, tak\u017ee je nelze \u0161mahem zleh\u010dovat.<\/p>\n

Na technice z\u00e1le\u017e\u00ed<\/p>\n

Nyn\u00ed p\u0159ich\u00e1z\u00ed p\u0159edstavenstvo \u010cEZ s\u00a0vlastn\u00ed p\u0159edstavou na p\u0159eveden\u00ed \u010d\u00e1sti aktiv do separ\u00e1tn\u00ed entity<\/a> Dce\u0159in\u00e1 spole\u010dnost pro z\u00e1kaznick\u00fd segment (DSZS). Ta by m\u011bla zahrnovat distribuci, obchod, prodej elekt\u0159iny a plynu koncov\u00fdm z\u00e1kazn\u00edk\u016fm i souvisej\u00edc\u00ed slu\u017eby, nap\u0159\u00edklad v oblasti telekomunikac\u00ed \u010di inteligentn\u00edho \u0159\u00edzen\u00ed spot\u0159eby energie. Po odd\u011blen\u00ed DSZS by tak ve zbytku skupiny z\u016fstaly p\u0159edev\u0161\u00edm segmenty v\u00fdroby a t\u011b\u017eby. Dokon\u010den\u00ed tohoto kroku je pl\u00e1nov\u00e1no do konce prvn\u00edho \u010dtvrtlet\u00ed roku 2027.<\/p>\n

Veden\u00ed \u010cEZ si d\u00e1v\u00e1 velmi z\u00e1le\u017eet na tom, aby transakce maximalizovala v\u00fdnos pro akcion\u00e1\u0159e, p\u0159esn\u011b tak, jak to po n\u011bm \u017e\u00e1d\u00e1 povinnost loajality a odborn\u00e9 p\u00e9\u010de.<\/p>\n

\"Veden\u00ed<\/a>Veden\u00ed \u010cEZ naserv\u00edrovalo vl\u00e1d\u011b pl\u00e1n, kter\u00fd v\u00fdrazn\u011b usnad\u0148uje a\u00a0zrychluje zest\u00e1tn\u011bn\u00ed<\/a><\/p>\n

Ve srovn\u00e1n\u00ed s rozd\u011blen\u00edm spole\u010dnosti<\/a> s\u00a0nerovn\u00fdm v\u00fdm\u011bnn\u00fdm pom\u011brem jde o odli\u0161n\u00fd p\u0159\u00edstup \u2013 velmi opatrn\u00fd a pr\u00e1vn\u011b zcela nekontroverzn\u00ed, chcete-li \u010dist\u00fd. Gener\u00e1ln\u00ed \u0159editel \u010cEZ Daniel Bene\u0161 p\u0159edstavil z\u00e1m\u011br a \u010dasov\u00fd harmonogram minul\u00fd t\u00fdden. Podle n\u011bj by v p\u0159\u00edpad\u011b schv\u00e1len\u00ed pl\u00e1nu na valn\u00e9 hromad\u011b (1. \u010dervna 2026) mohly za\u010d\u00edt prob\u00edhat p\u0159\u00edpravn\u00e9 pr\u00e1ce a n\u00e1sledn\u011b by m\u011blo doj\u00edt ke vzniku dce\u0159in\u00e9 spole\u010dnosti. K p\u0159evodu p\u0159\u00edslu\u0161n\u00fdch aktiv by pak do\u0161lo koncem leto\u0161n\u00edho nebo za\u010d\u00e1tkem p\u0159\u00ed\u0161t\u00edho roku.<\/p>\n

\u201eDal\u0161\u00edm krokem by mohl b\u00fdt prodej men\u0161inov\u00e9ho pod\u00edlu nov\u011b vznikl\u00e9 spole\u010dnosti, kter\u00fd by mohl prob\u011bhnout v p\u0159\u00ed\u0161t\u00edm roce. Z\u00e1visel by na situaci na trhu s ohledem na optim\u00e1ln\u00ed podm\u00ednky pro maximalizaci v\u00fdnos\u016f pro na\u0161e akcion\u00e1\u0159e. Dce\u0159in\u00e1 spole\u010dnost se z\u00e1kaznick\u00fdm segmentem bude zpo\u010d\u00e1tku stoprocentn\u00ed dce\u0159inou spole\u010dnost\u00ed \u010cEZ a do budoucna si zde chce \u010cEZ v ka\u017ed\u00fd moment zachovat kontroln\u00ed majoritu, co\u017e by znamenalo minim\u00e1ln\u011b 51 procent,\u201c \u0159ekl Bene\u0161.\u00a0<\/p>\n

V\u00a0investi\u010dn\u00edm bankovnictv\u00ed se tento typ operac\u00ed naz\u00fdv\u00e1 \u201ecarve-out\u201c, tedy \u201evy\u0159ez\u00e1n\u00ed\u201c a p\u0159eveden\u00ed specifick\u00fdch aktiv, z\u00e1vazk\u016f a obchodn\u00edch jednotek do nov\u00e9 spole\u010dnosti. \u201eCarve-out\u201c d\u00e1v\u00e1 smysl t\u00edm, \u017ee doch\u00e1z\u00ed k\u00a0prodeji pod\u00edlu nov\u011b vytvo\u0159en\u00e9 entity investor\u016fm t\u0159et\u00edch stran, \u010dasto prost\u0159ednictv\u00edm prim\u00e1rn\u00ed ve\u0159ejn\u00e9 nab\u00eddky akci\u00ed (IPO) \u010di prodejem strategick\u00e9mu investorovi, p\u0159\u00edpadn\u011b fondu specializovan\u00e9mu na infrastrukturu (tzv. trade sale). Tato struktura umo\u017e\u0148uje mate\u0159sk\u00e9 spole\u010dnosti zpen\u011b\u017eit nekl\u00ed\u010dov\u00e1 aktiva, generovat hotovost a sni\u017eovat z\u00e1vazky, p\u0159i\u010dem\u017e si zachov\u00e1v\u00e1 v\u011bt\u0161inovou kontrolu a potenci\u00e1l pro dal\u0161\u00ed r\u016fst.\u00a0<\/p>\n

V Evrop\u011b u\u017e se to d\u011bje d\u00e1vno<\/p>\n

\u010cEZ nebude ani zdaleka prvn\u00ed: v minulosti ji\u017e des\u00edtky evropsk\u00fdch utilit provedly n\u011bco podobn\u00e9ho, tedy odd\u011blily aktiva n\u011bjak souvisej\u00edc\u00ed se z\u00e1kaznick\u00fdm segmentem a prodaly je bu\u010f nap\u0159\u00edmo, nebo s\u00a0nimi \u0161ly na ve\u0159ejn\u00fd trh prost\u0159ednictv\u00edm IPO.<\/p>\n

Maximalizace hodnoty bylo typicky dosa\u017eeno kombinac\u00ed jasn\u00e9ho odd\u011blen\u00ed rizikov\u00fdch profil\u016f dan\u00fdch aktiv, p\u0159esn\u00e9ho zac\u00edlen\u00ed investor\u016f pro zva\u017eovan\u00e9 prodeje a \u201esekven\u010dn\u00ed monetizace\u201c (tedy IPO a n\u00e1sledn\u011b vstupem infrastrukturn\u00edch investor\u016f).<\/p>\n

Konkr\u00e9tn\u011b spole\u010dnost RWE v\u00a0\u201ecarve-outu\u201c vy\u010dlenila retailov\u00e1 aktiva a v\u00fdrobu z OZE do Innogy<\/a>, kter\u00e9 nab\u00eddla v IPO s t\u00edm, \u017ee si zachovala kontrolu. Investor\u016fm prod\u00e1vala p\u0159\u00edb\u011bh o stabiln\u00edm cash flow z infrastruktury nam\u00edchan\u00e9m s\u00a0r\u016fstovou p\u0159\u00edle\u017eitost\u00ed v\u00a0podob\u011b obnoviteln\u00fdch zdroj\u016f. To bylo v\u00a0roce 2016 sexy roz\u010dlen\u011bn\u00ed, je\u017e vyvolalo z\u00e1jem investor\u016f do ESG a specialist\u016f na infrastrukturu.\u00a0<\/p>\n

E.ON<\/a> na to \u0161el du\u00e1ln\u00ed monetizac\u00ed, kter\u00e1 spo\u010d\u00edvala v\u00a0um\u00edst\u011bn\u00ed \u010d\u00e1sti akci\u00ed na trhu prost\u0159ednictv\u00edm prim\u00e1rn\u00ed emise a n\u00e1sledn\u011b \u2013 pot\u00e9 co IPO poslou\u017eilo jako reference p\u0159i stanoven\u00ed ceny \u2013 se prodal dal\u0161\u00ed bal\u00edk akci\u00ed strategick\u00e9mu investorovi za pr\u00e9mii.\u00a0<\/p>\n

Ve Finsku zase Fortum prodal distribuci v\u00a0aukci konsorciu tamn\u00edch penzijn\u00edch fond\u016f (je\u017e t\u00edm dostaly dlouhodob\u011b stabiln\u00ed, regulovan\u00fd hotovostn\u00ed tok, co\u017e maj\u00ed r\u00e1dy).\u00a0<\/p>\n

E.ON vy\u010dlenil a n\u00e1sledn\u011b prodal plyn\u00e1renskou distribu\u010dn\u00ed spole\u010dnost infrastrukturn\u00edm specialist\u016fm, p\u016fvodn\u011b australsk\u00e9 investi\u010dn\u00ed bance a spr\u00e1vci aktiv Macquarie Group.<\/p>\n

Likvidn\u00ed \u010desk\u00fd trh<\/p>\n

\u010cEZ tedy preferuje \u010d\u00e1ste\u010dnou monetizaci aktiv se zachov\u00e1n\u00edm kontroly. Konkr\u00e9tn\u00ed formy zpen\u011b\u017een\u00ed si zvol\u00ed s\u00a0p\u0159ihl\u00e9dnut\u00edm k\u00a0maximalizaci hodnoty pro firmu a pro vlastn\u00edka. Spr\u00e1vn\u00e9 rozhodnut\u00ed.<\/p>\n

\u010cesk\u00fd trh m\u00e1 spoustu likvidity a je hladov\u00fd po \u010desk\u00fdch aktivech solidn\u00ed bonity se spolehliv\u00fdm, by\u0165 regulovan\u00fdm hotovostn\u00edm tokem typu distribu\u010dn\u00ed spole\u010dnosti nebo dcery zam\u011b\u0159en\u00e9 na prodej, p\u0159\u00edpadn\u011b po firm\u00e1ch s\u00a0r\u016fstov\u00fdm potenci\u00e1lem, jako je \u010cEZ ESCO.\u00a0<\/p>\n

Teoreticky si lze p\u0159edstavit sekvenci, kde m\u016f\u017eete kombinovat r\u016fzn\u00e9 exitov\u00e9 strategie pro r\u016fzn\u00e9 p\u0159\u00edb\u011bhy: investi\u010dn\u00ed bank\u00e9\u0159 zam\u011b\u0159en\u00fd na energetiku by m\u011bl um\u011bt klientovi vy\u010darovat maximalizovanou hodnotu, kdy suma \u010d\u00e1st\u00ed p\u0159evy\u0161uje hodnotu celku. Ostatn\u011b takhle to zd\u016fvodn\u011bn\u00ed z\u00e1m\u011bru managementem tak\u00e9 ch\u00e1pu.\u00a0<\/p>\n

Kl\u00ed\u010dovou ot\u00e1zkou je, jak se budou p\u0159esouvat dluhy souvisej\u00edc\u00ed s aktivy, ale hlavn\u011b, co \u010cEZ nakonec ud\u011bl\u00e1 s\u00a0pen\u011bzi, je\u017e mu z prodeje \u010di s\u00e9rie divestic poplynou. Cel\u00e9 cvi\u010den\u00ed by d\u00e1valo smysl i samo o sob\u011b, ostatn\u011b \u017e\u00e1dn\u00e1 z\u00a0v\u00fd\u0161e uveden\u00fdch evropsk\u00fdch energetick\u00fdch spole\u010dnost\u00ed to ned\u011blala kv\u016fli vyt\u011bsn\u011bn\u00ed minoritn\u00edch akcion\u00e1\u0159\u016f z\u00a0mate\u0159sk\u00e9 spole\u010dnosti.<\/p>\n

V\u00fdkup \u201epo dobr\u00e9m\u201c<\/p>\n

V\u00a0na\u0161em p\u0159\u00edpad\u011b je samoz\u0159ejm\u011b v pozad\u00ed z\u00e1m\u011br vl\u00e1dy minoritn\u00ed vlastn\u00edky od matky \u201epo dobr\u00e9m\u201c vykoupit formou zp\u011btn\u00e9ho odkupu akci\u00ed (\u201ebuyback\u201c) a po dosa\u017een\u00ed 90 procent p\u0159istoupit k vyt\u011bsn\u011bn\u00ed zbytku akcion\u00e1\u0159\u016f. Pokud dostanou hezkou pr\u00e9mii oproti sou\u010dasn\u00e9 tr\u017en\u00ed cen\u011b (1200 korun za akcii), byli by (velmi) spokojeni. V\u00a0p\u0159\u00edpad\u011b, \u017ee by \u010cEZ \u0161el cestou aspo\u0148 \u010d\u00e1ste\u010dn\u00e9ho IPO na dce\u0159i, eventu\u00e1ln\u011b na vnu\u010dk\u00e1ch, mohli by si drobn\u00ed \u010de\u0161t\u00ed investo\u0159i koupit akcie takto na trh uv\u00e1d\u011bn\u00fdch spole\u010dnost\u00ed. Lidov\u00fd kapitalismus je pozitivn\u00ed externalita, na n\u00ed\u017e \u010cEZ s\u00e1m o sob\u011b nic netrat\u00ed.\u00a0<\/p>\n

U\u017e v\u00a0z\u00e1jmu rozvoje \u010desk\u00e9ho kapit\u00e1lov\u00e9ho trhu bych se za IPO s\u00a0du\u00e1ln\u00edm listingem na pra\u017esk\u00e9 burze a (aspo\u0148 \u010d\u00e1ste\u010dn\u011b) retailov\u00fdm \u00fapisem velmi p\u0159imlouval; hezky by se takov\u00e9 akcie vyj\u00edmaly i v\u00a0portfoli\u00edch zdej\u0161\u00edch penzijn\u00edch fond\u016f.<\/p>\n

Aktiva uva\u017eovan\u00e1 pro p\u0159evod do DSZS se na zisku p\u0159ed zapo\u010dten\u00edm \u00farok\u016f, dan\u00ed a odpis\u016f (EBITDA) skupiny pod\u00edlej\u00ed zhruba 40 procenty a z\u00e1rove\u0148 p\u0159edstavuj\u00ed p\u0159ibli\u017en\u011b polovinu jej\u00edch kapit\u00e1lov\u00fdch investic. Prodej DSZS a eventu\u00e1ln\u011b i jej\u00edch \u010d\u00e1st\u00ed bude v\u00a0kombinaci s\u00a0dluhem (\u010cEZ m\u00e1 pom\u011br netto dluhu k\u00a0EBITDA n\u00edzk\u00fdch 1,6) na vykoupen\u00ed minorit\u00e1\u0159\u016f sta\u010dit. Finan\u010dn\u00ed in\u017een\u00fd\u0159i jsou schopni navrhnout i jin\u00e1 sch\u00e9mata v\u00a0podob\u011b v\u00fdplaty mimo\u0159\u00e1dn\u00e9 dividendy, n\u00e1sledovan\u00e9 odkupem, p\u0159\u00edpadn\u011b dobrovoln\u00e9ho swapu akci\u00ed matky za akcie dcery, kter\u00e1 by byla nadupan\u00e1 hotovost\u00ed z\u00a0prodeje 49 procent akci\u00ed vnu\u010dek. Od toho tady investi\u010dn\u00ed bank\u00e9\u0159i a specializovan\u00ed pr\u00e1vn\u00edci koneckonc\u016f jsou, aby poradili: nejedn\u00e1 se o nic nov\u00e9ho.\u00a0<\/p>\n

I po t\u00e9to majetkov\u00e9 transformaci by si \u010cEZ m\u011bl zachovat dostate\u010dnou v\u00fdkonnost a \u00fav\u011bruschopnost, aby mohl realizovat ambici\u00f3zn\u00ed investi\u010dn\u00ed program v mate\u0159sk\u00e9 spole\u010dnosti a kl\u00ed\u010dov\u00fdch dcer\u00e1ch. V EDU II, spole\u010dnosti zalo\u017een\u00e9 za \u00fa\u010delem v\u00fdstavby nov\u00fdch jadern\u00fdch blok\u016f v Dukovanech<\/a>, vlastn\u00ed \u010cEZ jen 20procentn\u00ed pod\u00edl. Bude to pr\u00e1v\u011b st\u00e1t, jemu\u017e pat\u0159\u00ed zb\u00fdvaj\u00edc\u00edch 80 procent, kdo poskytne zv\u00fdhodn\u011bnou p\u016fj\u010dku na v\u00fdstavbu nov\u00fdch jadern\u00fdch blok\u016f a garantovan\u00e9 v\u00fdkupn\u00ed ceny elekt\u0159iny na b\u00e1zi rozd\u00edlov\u00e9ho kontraktu po jejich dokon\u010den\u00ed.\u00a0<\/p>\n

\u00dapln\u011b jinou ot\u00e1zkou je, pro\u010d v\u016fbec vl\u00e1da chce \u010cEZ ovl\u00e1dnout. Ano, m\u016f\u017ee pak prosadit svou v\u016fli bez ohledu na minoritn\u00ed akcion\u00e1\u0159e a m\u00edt strategii s\u00a0del\u0161\u00edm horizontem jako trp\u011bliv\u011bj\u0161\u00ed investor sui generis. Nicm\u00e9n\u011b po\u0159\u00e1d je tady imperativ zhodnocov\u00e1n\u00ed majetku spole\u010dnosti, st\u00e1t nest\u00e1t. A toho se chci do\u017e\u00edt.\u00a0<\/p>\n

VIDEO:\u00a0Vyhodit miliardy a\u00a0ovl\u00e1dnout u\u017e ovl\u00e1dan\u00e9 je zbyte\u010dn\u00e9, \u0159\u00edk\u00e1 k\u00a0zest\u00e1tn\u011bn\u00ed \u010cEZ \u0161\u00e9f burzy Koblic v po\u0159adu FLOW<\/a>.<\/p>\n

\"Video<\/p>\n

\n\t\t\t\tFLOW: Vyhodit miliardy a ovl\u00e1dnout u\u017e ovl\u00e1dan\u00e9 je zbyte\u010dn\u00e9, \u0159\u00edk\u00e1 k zest\u00e1tn\u011bn\u00ed \u010cEZ \u0161\u00e9f burzy Koblic \u2022 e15\n\t\t\t<\/p>\n","protected":false},"excerpt":{"rendered":"V\u00a0ekonomick\u00e9 oblasti nen\u00ed viditeln\u011bj\u0161\u00edho bodu \u010desk\u00e9ho vl\u00e1dn\u00edho programu ne\u017e snaha o dosa\u017een\u00ed pln\u00e9 kontroly nad energetickou skupinou \u010cEZ.\u00a0Jak…\n","protected":false},"author":2,"featured_media":72277,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[412,23790,266,67,68,702,10204,13318,1099,705,5504,23791],"class_list":{"0":"post-72276","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-byznys","8":"tag-akcie","9":"tag-aktivum","10":"tag-andrej-babis","11":"tag-business","12":"tag-byznys","13":"tag-cez","14":"tag-daniel-benes","15":"tag-e-on","16":"tag-investor","17":"tag-karel-havlicek","18":"tag-ministerstvo-financi-ceske-republiky","19":"tag-miroslav-zamecnik"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116498399644130723","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/72276","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/comments?post=72276"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/72276\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/72277"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=72276"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=72276"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=72276"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}