News Parkiet

Corporate governance

Pekaes tries to block media access

Polish trucking company Pekaes S.A. wouldn?t let PARKIET reporter to Friday?s shareholders? meeting despite previous assurances it would let representatives of the media watch the proceedings. Our reported managed to gain access to the meeting, called to vote on a 60 million zloty dividend fund only after a phone call from the Warsaw Stock Exchange. Like many other Polish firms, Pekaes has promised to abide by a set of official corporate governance standards that allows journalists access to company meetings and other corporate events.

Insurance

Poland to seek compromise with Eureko

There?s no other way except another compromise and a settlement with Eureko, Polish prime minister Marek Belka said on Friday commenting on recent court verdict that favored pan-European insurance group in a long running dispute over the privatization of Poland?s PZU. Polish authorities should be doing everything to prevent negotiations over actual compensation to Eureko for blocking its attempts to take control over PZU, Belka said.

Equity market

PGNiG won?t be joining blue-chip index

until December

Shares of natural gas monopoly PGNiG won?t be included in WSE?s blue-chip index at least until December 19, despite the size and demand for the stock in next month?s IPO of at least 1.5 billion zloty. Warsaw-based PGNiG, one of Poland?s top ten corporations in terms of sales, may have a limited impact on WIG20 index of the country?s biggest and most liquid stocks, at least initially, because of the IPO?s relatively small size and a free float limited to 15 percent of the company?s outstanding shares.

Banking

UniCredito starts buying up shares of HVB, Bank Austria

Germany?s BaFin banking watchdog has cleared UniCredito Italiano bid for HVB earlier this week, paving the way for one of this year?s biggest European banking mergers. Austria?s regulator gave a similar approval to UniCredito?s bid for HVB unit Bank Austria, whose shares are listed on the Warsaw Stock Exchange. UniCredito is still waiting for the permission to buy out Poland?s Bank BPH, a unit of Bank Austria that will be folded into UniCredito?s Bank Pekao.

Building materials

Tras pays back bondholders

Window frame manufacturer Tras-Intur said Friday it has finally paid late interest on its convertible bonds after a delay of up to one month. Cash-strapped company has raised 11.8 million zloty selling former manufacturing site in the town of Tychy. Tras plans to pay 9.5 million zloty investment loans once it receives full payment for the property. It will seek additional financing selling up to 2.8 million new shares to Germany?s Richert Gruppe and to Tras? own CEO, Jan Mazur.