News Parkiet

Chemicals

Boryszew to push for a merger

with Impexmetal

Chemicals manufacturer Boryszew SA has announced plans for a possible merger with a publicly trading subsidiary, metals trading group Impexmetal. Sochaczew, central Poland-based company, best known as the maker of Borygo antifreeze, already owns almost 50 percent of Impexmetal. Its main shareholder, Polish businessman Roman Karkosik, holds another 20 percent. Separately Boryszew, which paid an estimated 300 million zloty for a stake in Impexmetal six months ago, said it has reduced its earnings target by a third because of sky-high oil prices and interest expenses. It now expects 63 million zloty in earnings instead of the previous estimate of 97 million zloty.

Sales forecast remained unchanged at PLN 1.5 billion (370 million euro).

Shares of Boryszew, which is part of MIDWIG mid-cap index, plunged over 13 percent to close at 14.85 zloty on news of lower earnings forecast.

Meanwhile Impexmetal, a former communist-era foreign trade company headquartered in Warsaw, said its second-quarter earnings were down 12 percent to PLN 17.5 million on an 8 percent decline in sales. Impexmetal, whose shares were down 0.2 percent on Friday, blamed stronger zloty and higher metal prices for the decline.

Petrochemicals

Orlen raises its offer for Unipetrol

PKN Orlen oil refinery has raised its offer for minority shareholders of Czech oil producer Unipetrol by a third to as much as 135 korunas a share from the previous bid of 103 koruna in order to comply with regulatory requirements. PKN, which bought a 63 percent stake in Unipetrol from the Czech government earlier this year, had to raise its bid when the Czech Securities Commission rejected its previous, leading to a temporary loss of voting rights related to its stake in Unipetrol. PKN also said it has raised its bids for two Unipetrol units whose shares are also listed on the bourse in Prague

Real estate

GTC to buy minority stakes

in three Balkan firms

Warsaw property developer Globe Trade Centre has agreed to pay as much as 9 million euros to buy small stakes in three real estate companies in Serbia, Romania and Hungary from an investment fund run by Deutsche Bank. FIC Globe, which had a put/call option to sell its stakes in GTC Romania, GTC Serbia and GTC Hungary to other shareholders, decided to sell these assets at a very favorable price.

Personal savings

Bank merger foreshadows high

mutual fund fees

Upcoming merger between UniCredito?s Bank Pekao and HVB Group?s Bank BPH may put an end to future hopes for lower mutual fund fees. Their two mutual fund companies, Pioneer Pekao and TFI BPH have a combined 40 percent market share, huge distribution network and the ability to dictate rates to customers, at least in the near future.