Yesterday, the Polish Press Agency PAP said that Agora media group and German publisher Cornelsen are interested in a majority stake of WSiP, Poland’s biggest publisher of schoolbooks. Spokesmen of Agora and WSiP did not confirm the news. Zbigniew Jakubas, the well-known stock investor, with 8.94 percent of WSiP, was more talkative.
“No one has talked to me but I know there are people interested in the company. German publisher is eying a big stake, it may be Cornelsen”, Zbigniew Jakubas said.
The remaining shareholders of WSiP include Pioneer Pekao Investment Management (18.89 percent), AIG OFE (14.59 percent) and BPH TFI (9.44 percent). Jointly with funds which are not obliged to reveal their stakes, financial investors control 67 percent of shares.
“According to my sources, meetings have already been held with Pioneer, AIG and BPH”, Zbigniew Jakubas added.
Chances are big that funds will welcome a big investor.
“Consolidation in this sector seems inevitable”, Artur Czerwonski, BPH TFI CEO said.
He refused to comment whether negotiations with potential investor are going on. So did Cezary Iwanski, Pioneer Pekao Investment Management deputy CEO. Another fund representative, however, confirmed the news.
“Talks are in the middle stage. Many important issues still have to be settled, including the price. WSiP has recently improved results, and the price has grown substantially”, “PB” source said.
Agora and Cornelsen offered to buy WSiP in 2002.