Acciona says 49% in Mostostal Warszawa is enough, Elektrim left cold

The stock of construction company Mostostal Warszawa has plummeted 40% over the past three sessions of the Warsaw Stock Exchange (WSE) after Spanish building firm Acciona increased its stake in Mostostal to 49% and announced it will buy no more. Acciona earlier called a successful public bid for Mostostal shares priced at zl.14 a piece, while yesterday the company was traded at zl.9.05 on WSE. Its declaration is a major blow to those investors who were counting on selling their shares at more than zl.14, particularly Mostostal's second largest shareholder, telecom and energy group Elektrim, which owns 28.5%. This is enough to prevent Acciona from taking full control over Mostostal, since major changes, such as amendments to the by-laws and new share-issues, need to be approved with a 75% majority. However, analysts say that when Acciona eventually decides to announce another bid to buy Elektrim's shares, it is unlikely to offer more than zl.14. (Gazeta Wyborcza, p.25) T.J.