Budimex announces surprise bid for Mostostal Krakow

Budimex said it is willing to pay zl. 9 per share. In light of this pending investment, Budimex has submitted a request to the Securities and Stock Exchange Commission (KPWiG) for permission to exceed holding 33% of shares in MK. At present Budimex owns 9.4% of MK. Budimex has assigned IDM Kredyt Bank brokerage house to administer the buyout of the shares. The board of the KPWiG will temporarily suspend MK shares from trading on the Warsaw Stock Exchange (WSE) today, following which subscriptions for sale of shares will be conducted between Nov. 19 and Dec. 3. In the future Budimex also hopes to acquire the 15.2% of shares in MK that are currently in the hands of the Treasury Ministry. (Rzeczpospolita, Nov. 6-7, page B4).