At first, the reaction to the tender offer announced by V&W to buy W.Kruk’s shares was: “too low a price”. But nobody protests although financial investors control over 40 percent of shares.
“It looks like everything had been settled before the tender was announced. This suggests that the funds are supporting the takeover”, “PB” source said.
ING TFI is said to have started the transaction. The company has over 13 percent of V&W shares and nearly 10 percent of W.Kruk’s stock. Joanna Kwiatkowska who manages ING stock funds is said to be a close friend to Rafal Bauer, V&W CEO. AIG TFI is also engaged. The company with nearly 10 percent of W.Kruk employed Joanna Kwiatkowska in the years 2005-07.
Joanna Kwiatkowska was unavailable for comment for
several days. Rafal Bauer assures that he had not talked with the funds and the
theory concerning Joanna Kwiatkowska is absurd.