Acciona seeks to up its stake in Mostostal Warszawa

Spanish construction group Acciona on Wednesday announced a public bid for 2.5 million shares, or 25%, of building contractor Mostostal Warszawa, offering zl.14 ($3.41) per share. It is said the acquisition would help Acciona, which already owns a 24% stake in the company, to strengthen its position in its ongoing row with Elektrim, currently holding 28.4%, for control over the builder. The deal now awaits approval of the Securities and Exchange Commission (KPWiG). Mostostal representatives welcomed Acciona's move and said the bid would bring the company closer to concluding a development strategy. According to analysts, the Spanish company's objective of upping its share in Mostostal is a clear sign that the two shareholders are at odds. The feud between them is widely thought to be over the builder's current chairman, Neil Balfour, and his unpopular investment decisions. Elektrim has already twice tried to oust him, but each time Acciona representatives have blocked the attempt. (Rzeczpospolita, p.B3, Parkiet, p.3, Reuters) J.K.