News Parkiet

Executive compensation

PKN hires lawyers to avoid paying severance

PKN Orlen refinery has hired international law firms to look for ways to avoid paying two former chief executives that were fired this summer. Sources close to the situation say the oil company may have paid as much as 700.000 zloty already for legal advice from White&Case and another unnamed firm. Under the terms of executive compensation packages, PKN Orlen owes six million zloty in severance pay to ex-CEO Zbigniew Wróbel. His successor, Jacek Walczykowski, may receive 0.7 million zloty for his three-week stint at Płock-based company.

Banking

PKO BP publishes IPO prospectus

PKO BP, Poland?s largest bank, has published its IPO prospectus today, with all the details of the biggest privatization sale in recent years. The government wants to sell 30 percent stake in the state-owned bank, raising an estimated six billion zloty. Orders for PKO BP from retail investors will be accepted from October 22 until November 3.

Media

Agora?s new strategy shrouded in mystery

Analysts say they don?t mind Agora?s decision not to publish details of its new operating strategy after Poland?s leading newspaper publisher lost two opportunities to diversify sales because too much openness. Agora, which publishes popular ?Gazeta Wyborcza? daily, announced plans to buy a TV station and WSiP textbook publisher back in 2001, but both deals fell through because of political interference. Instead of acquisitions, Agora?s shareholders might be better off if the company bought back some of its stock or started paying dividends from its massive cash flow, analysts say.

Civil engineering

Bouygues plans expansion in Poland

French industrial group Bouygues is planning major expansion of its civil engineering unit in Poland, chief executive of the Polish unit said yesterday. Founded in 1996, Bouygues Polska wants to expand in niche market for building contractors that renovate historic sites and monuments in Warsaw, Dominique Forgues said. Its sales dropped from around 50 million euro to just 10 million euro this year because of the general slump in the construction industry. Bouygues Polska may bid for major road building contracts, Forgues added.