Unions pressure Eureko
The government decision last week to sell Eureko a further 21 percent stake in insurer PZU went through before the unions got the investor's signature on the social package contract. Nonetheless they are hoping that it will be signed this week at the same time as negotiating on the sale of employee owned shares.
Employee shares could not be traded for two years but on 10 November that time will be up. The unions are hoping to get PLN116.50 per share, the same as Eureko paid two years ago for a twenty percent stake in PZU. However Eureko now has a majority stake and this has strengthened its negotiating hand although for the sake of keeping the peace with its employees it could agree to the union's request.