Elektrim has received an offer from KGHM, a state-controlled copper producer, to sell its stake at PAK power plants, “PB” has learnt in several unofficial sources. The offer, addressed to Zygmunt Solorz-Zak, Elektrim’s main shareholder and chairman, includes a price offer. “PB” was unable to state the offer, however. Elektrim representatives do not want to talk about the offer. They are probably disappointed. The company demands PLN 2 billion (EUR 526m) from the state as compensation because the provisions of PAK privatization agreement have not been implemented – the state has failed to sell a further stake in the power plant group to Elektrim. KGHM’s offer is probably lower than the demanded compensation.
Elektrim claims that it is not going to sell the stake and wants the state to withdraw from the privatization agreement. The Ministry of the Treasure wants to regain control over PAK but does not want to withdraw from the agreement fearing it would be disadvantageous to the state and advantageous to Elektrim. According to the newest report by the Supreme Chamber of Control (NIK), which has not been published yet, there are reasons for the state to conclude the privatization agreement with no losses.
Foreign investors eye the situation. PAK is the only big power plant which potentially would be acquired. Vattenfall of Sweden, German RWE and Czech CEZ are interested in the acquisition of the company.
(PLN 1 = EUR 0.263)