Deal paves way for changes to Mostostal Warszawa board
Acciona of Spain, which holds a 49% stake in construction company Mostostal
Warszawa, announced yesterday that the agenda for August's General
Shareholders' Meeting of Mostostal Warszawa would include changes in the
composition of its supervisory board. In effect, this represents an attempt
by Acciona to gain full control of the company. The proposed changes follow
an arrangement between Acciona and the second biggest shareholder, Elektrim,
in which Elektrim finally agreed that Neil Balfour would become chairman of
the Mostostal board of directors. Previously Elektrim's shareholders had
raised objections to Balfour, accusing him of acting against the interests
of the company. The compromise with Acciona is seen as advantageous for
Elektrim, since it can now count on being able to sell its shares in
Mostostal to the Spanish company. Mostostal is in serious financial trouble,
with net losses in 2000 amounting to almost zl.54 million. (Gazeta Wyborcza,
p. 25) M.T.
