News Parkiet

Equity market

SEC gives its 'go ahead' to six new IPOs

Polish Securities and Exchanges Commission (KPWiG) approved IPO plans of six new companies planning to list their stock on the WSE sometime this year at yesterday's meeting. The group includes JC Auto and Inter Cars auto parts distributors, Elstar Oil, which makes Canola oil, WSiP textbook publisher, Artman clothing retailer and Hygienika, maker of feminine hygiene products.

Insurance

Former top executive may come back to Warta

Former vice-CEO Andrzej Jacaszek is the most likely candidate to take over from Agenor Gawrzyał as the head of Warta insurance group after six-years' absence from the company, sources familiar with the situation told PAKRIET on Monday. The other candidate is Poland's deputy foreign minister Sergiusz Najar.

New CEO of Poland's second largest property insurer will be picked within two weeks.

Pharmaceuticals

Bidding war over Polfa heats up

Ivax Corporation announced on Monday it would sweeten the deal for shareholders of Polfa Kutno by revising last week's offer for the company, promising partial cash payment for Poland's leading, publicly traded drug-maker. Miami-based Ivax didn't say how much cash it would offer to sway Polfa's shareholders, including a cross-section of Polish pension and mutual funds.

Italy's Recordati, which is also bidding for control over Polfa reportedly purchased less than 10 percent of the company in a tender ending today. Recordati sought 49.9 percent of Polfa, offering 310 zloty versus Ivax's 340 zloty.

Petrochemicals

Czech government advised to accept PKN's bid for Unipetrol

Czech privatization advisor recommended the government accepts a bid by PKN Orlen for its stake in national oil company Unipetrol. PKN was the sole bidder for the Czech company, offering a reported 478 million dollars for the government's 63 percent stake. PKN may receive official approval for its takeover bid as early as Wednesday, sources said yesterday.