Czech CEZ to announce acquisitions on Thursday

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Czech daily Mlada Fronta Dnes reported CEZ's supervisory board should approve on Thursday two acquisitions worth up to 50 billion crowns ($2.8 billion) to buy 7 percent stake in Hungarian oil group MOL and take over Czech lignite miner Mostecka Uhelna.

Spokesman Ladislav Kriz said the deals were still being negotiated.

"On Thursday, we should announce major progress concerning acquisitions," he said without giving further details.

CEZ and MOL have been discussing a joint venture to build gas-fired power plants in Hungary and Slovakia. CEZ has said it would buy up to 10 percent stake in the Hungarian firm, which is trying to fight off a takeover approach by Austrian OMV .

The acquisition of privately-held Mostecka Uhelna would open a way for CEZ to renew ageing power plants in northern Bohemia. (Reporting by Jan Korselt; Editing by David Holmes)

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($1=18.13 Czech Crown)

Keywords: CEZ/

[PRAGUE/Reuters/Finance.cz]