Budimex to takeover Budimex Poznan and Unibud soon

In order to cut costs and have a better hold on all the firms, Budimex plans to takeover the property of the two companies and issue new shares to their shareholders. However, minority shareholders in the two firms may block Budimex's plans if they find the share conversion ratio unfavorable. The parent company only has 68% of shareholder votes in Budimex Poznan and 41% in Unibud, while the Commercial Code requires merger resolutions to be approved by 75% of votes. Budimex Poznan shareholders will vote on the merger on Sept. 7, while Unibud shareholders will do so a day later. Budimex also plans to takeover Budimex Warszawa in which it holds a majority stake. (Gazeta Wyborcza, page 22)