News Parkiet

Insurance

Insurance M&A activity continues

International insurance firms spent as much as 400 million euro buying out nine smaller Poland-based insurers over the last year, a recent survey shows. But that?s not the end of it. Industry analysts expect the pace of mergers and acquisitions in the insurance industry to pick up. Major acquisition targets include TU Europa life and casualty insurer, put on sale by Polish businessman Leszek Czarnecki and life insurer Skandia Życie.

By one estimate, these and other insurance firms available for sale are collecting annual insurance premiums of some 1 billion zloty, or 300 million US dollars.

Other likely sellers include Ciech chemicals group, which may exit its investment in Polskie Towarzystwo Ubezpieczeniowe car insurer, a company with 1.1 percent market share.

Industry watchers estimate that major insurance firms now on sale may attract bids totaling up to 120 million euro.

Power industry

Rafako plans new acquisitions

Power plant contractor Rafako says it may sell new shares worth more than 100 million zloty next year to finance planned expansion and new acqusitions, chief executive Mariusz Różacki told PARKIET last week. The group expects sales of as much as 600 million zloty this year, double last year?s figures. Rafako reported nine-month sales of some 384 million zloty.

Publishing

WSiP to cut more staff

Former state-owned textbook publisher WSiP, now in private hands, plans to reduce the headcount at its main operating unit below 300, new chief executive Bogusław Dąbrowski said Warsaw-based firm, whose shares went public late last year and now trade well below IPO price after additional charges reported by WSiP, may pay out half of the cash accumulated over the years, totaling some 100 million zloty ($30 million) as dividends, Dąbrowski said.