The second phase of the arbitrary proceedings over the conflict concerning PZU, Poland’s biggest insurance company, will start in fall. The court will decide how high the compensation for Eureko should be and how the acquisition of the 21 percent stake the conflict is all about should be conducted. In the first phase of the court proceeding, Poland lost. The Ministry of the Treasure and Eureko restarted negotiations.
“So far, the parties have talked to each other via media. Now, to our content, we talk directly to the Polish government. We believe an agreement is possible”, Marten Dijkshoorn, Eureko CEO said.
It remains secret what the compromise would look like. Eureko does not want to withdraw from the investment in PZU. The state does not want to lose control over the company even if the arbitrary court decides it must do so. According to the recent estimates, Eureko wants EUR 2.2 billion of damages.
“Our priority has always been the listing of PZU. It is possible that we give up the damages but only if we find agreement concerning the acquisition of the 21 percent stake. Let’s not forget that it is us who won the first phase of the arbitrary proceedings”, Ernst Jansen, Eureko deputy CEO responsible for the investment in Poland said.