News Parkiet

Telecommunications

Another court battle looms over PTC

Deutsche Telekom and Elektrim power and telecoms group have made a joint bid to take control over Polska Telefonia Cyfrowa after the Polish conglomerate obtained favorable court verdict in its dispute with Vivendi, a former partner in Poland's no. 1 mobile phone company. On Friday, a new chief executive and other senior managers appointed by DT and Elektrim tried to enter PTC's headquarters accompanied by local police.

People who follow the situation say Vivendi will go to court to block attempted takeover.

Monetary policy

MPC takes step towards lower rates

Monetary Policy Council indicated it may cut borrowing costs after changing its monetary policy outlook from 'restrictive' to 'loose' at a two-day meeting that ended on Friday. Central-bank led council left prime interest rate unchanged despite lower than expected inflation.

Packaging

Kęty makes a bid for Croatian

aluminum plant

Grupa Kęty packaging manufacturer has made a bid for Croatia's no. 1 aluminum company TLM, local media there reported on Friday. Chief executive Jan Kryjak refused to either confirm or deny the report.

Kęty said earlier it plans to spend up to 700 million zloty on acquisitions by 2009 as part of a strategy to increase annual sales to PLN 800 million.

Textiles

Próchnik offering sells despite

weak prospects

Próchnik SA apparel maker said its secondary offering of 30 million new shares was oversubscribed by local investors, proving you can sell just about anything on Poland's red-hot equity market right now. Łódź-based firm, which reported fiscal 2004 sales of just 4.8 million zloty ($1.6 million) last week, said it has received orders for more than 46 million shares priced at 0.5 zloty each. Proceeds will be used to pay off social security and other creditors.