Acciona maneuvers Elektrim, seeking Mostostal Warszawa

Spanish construction group Acciona yesterday made a bold move aimed at taking over builder Mostostal Warszawa by ousting representatives of the other main shareholder, Elektrim, from Mostostal’s managing board. This leaves Elektrim, which holds a 28% stake in Mostostal, with little choice but to sell its shares to Acciona, which owns 24%, but is aiming for majority. Elektrim and Acciona each have two seats on Mostostal’s supervisory board, with the remaining seat held by former Mostostal president Karol Heidrich. The latter was expected to support Elektrim, but apparently changed his mind and helped Acciona purge Elektrim’s people from the managing board. At the end of January the Spanish firm called a public bid for 25% of Mostostal’s shares priced at zl.14 per share. This is not an attractive price for Elektrim, but having lost its power in the management, the telecoms group is said to be facing the wall. Analysts believe Elektrim will choose not to drag out the row and work out a settlement with Acciona to sell its shares. (Gazeta Wyborcza, p.22) T.J.