News Parkiet

Petrochemicals

Orlen to make a bid for Unipetrol, Waga says

PKN Orlen petrochemical group has decided to make a bid for Czech oil refinery Unipetrol after all, chairman Jan Waga said in an interview with PARKIET on Friday. Mr. Waga, who was appointed recently by PKN?s largest private shareholder, Kulczyk Holding investment group said the company has already wasted several opportunities to buy smaller competitors in Slovakia and Germany.

Power industry

Pątnów II waiting for new bank loans

Elektrim subsidiary, ZE PAK power plant is still waiting for new loans to complete multi-million dollar expansion project called Pątnów II. Meanwhile, Alstom Polska, local subsidiary of French Alstom group is getting impatient about back payments owed by Pątnów. Sources familiar with the situation say Elektrim may be forced to pay several million euros in guarantees on PAK?s behalf.

Banking

Bank Zachodni WBK first-quarter profits double

Bank Zachodni WBK, Polish company controlled by Allied Irish banks said its first-quarter earnings more than doubled to 129 million zloty on higher lending and cost controls. First quarter earnings included 53 million zloty in dividends from Commercial Union pension fund and life insurance operations. Chief executive Jacek Kseń said BZ WBK would increase its ROE forecast to ?more than 15 percent? from the previous forecast of 13 to 15 percent.

Pharmaceuticals

Ivax raises offer for Polfa Kutno to PLN 340

Ivax Laboratories has revised its stock-swap offer for Polish drug-maker Polfa Kutno from 312-325 to 340 zloty per share after a counterbid by Italy?s Recordati.The bid values Polfa, which posted earnings of 30.5 million zloty ($7.8 million) last year at approximately 154 million dollars.

Utilities

Dalkia closer to major acquisition in Poland

Electricite de France subsidiary Dalkia has finally agreed on employee benefits? package with workers at Zespół Elektrociepłowni Poznańskich heating plant, bringing it one step closer to acquisition of Poznań-based company. The French company promised to pay special privatization bonus of 12.000 zloty to each ZEP employee. Dalkia will pay as much as 350 million zloty for an 85 percent stake in ZEP.