Poland/Enterprises/Insurance/Privatisation
Warsaw (Puls Biznesu) – Tomorrow at noon is the deadline for companies to submit their offers for the privatisation adviser to PZU, Poland’s largest insurer. At least five companies declare to send their offers. ‘We will apply but I would not like to reveal the final composition of our consortium’, Marek Gul, Credit Suisse First Boston CEO said. Deutsche Bank, Global Corporate Finance and Merrill Lynch jointly with DI BRE Bank will also compete in the tender. ‘Of course, we will submit applications of our consortium’, Pawel Gricuk, JP Morgan Chase Bank CEO admitted. Also the offer of CAIB Financial Advisors will be among tomorrow’s applications. The consortium will comprise of CAIB Securities, BM BPH and a Swiss investment bank.
Advisors say that many more companies would have applied had the conditions been easier, including certificate that the company had not been punished. ‘At such a short notice fulfilling all obligations is a real challenge’, a privatisation advisor commented. ‘Especially for foreign institutions, the formal conditions are so difficult that investment banks will have to be treated as subcontractors, which is not good as the experience of subcontractors is not taken into account’, one of privatisation advisors explained.
HSBC and TDI are also considering submitting their offers. Till December 23rd, the Treasury Ministry will announce the short list. Potential advisors will have until January 3rd to submit next offers.