Eureko gives up control in PZU insurer

APA - Austria Presse Agentur
opublikowano: 08-02-2005, 11:45

Warsaw (Puls Biznesu) – Eureko, the Dutch investor in PZU, Poland’s biggest insurance company, withdrew yesterday its application submitted in November asking for permission to exceed the 50-percent level in PZU. Today, the Dutch company has 31 percent of the Polish insurer. The application was to be viewed yesterday by insurance regulator, who was expected to approve of it.

Warsaw (Puls Biznesu) – Eureko, the Dutch investor in PZU, Poland’s biggest insurance company, withdrew yesterday its application submitted in November asking for permission to exceed the 50-percent level in PZU. Today, the Dutch company has 31 percent of the Polish insurer. The application was to be viewed yesterday by insurance regulator, who was expected to approve of it. Eureko has funds to buy new shares worth around PLN 4 billion (EUR 1 billion).

‘We believe, it is still possible to reach settlement with the Treasury’, Lorrie Morgan, Eureko spokesperson said. If the settlement is signed, the withdrawal of the application makes sense: according to the preliminary agreement Eureko could have up to 40 percent of PZU in the next five years. To enlarge the stake, the approval of the Polish government would be needed. Meanwhile, the settlement has not been signed and the Treasury wants to change some of its conditions. PZU IPO is to be shifted from June to the second half of the year. ‘Eureko should analyse the situation and adjust to the conditions in Poland. I’m waiting for their answer concerning shifting some deadlines and for Parliamentary debate’, Jacek Socha, the Treasury Minister commented.

The Parliament will make decision on February 15-18th. ‘There are no reasons to change the conditions of the agreement negotiated in December. We have offered much enough’, Lorrie Morgan said. ‘Withdrawal of the application may be a poker play of Eureko. They give up the annex signed in 2001, giving them the right to buy another 21 percent stake of PZU. This is a signal to arbitrary judges that Eureko does everything to sign the settlement’, an anonymous lawyer said.

(PLN 1 = EUR 0.252)Poland/Enterprises/Insurers

 

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