Did Treasury Minister almost resign over PZU deal?

The president of state-controlled insurer PZU on Friday admitted signing a deal with investment bank HSBC to buy back shares without telling the government. But CEO Zdzisław Montkiewicz rejected reports that he had tried to block the sale of PZU to Dutch-based Eureko behind the back of Treasury Minister Sławomir Cytrycki who sources say tendered his resignation last week after hearing of the deal. "In no way was this aimed at changing the shareholder structure," Montkiewicz told reporters. "Our cooperation with the Eureko consortium is good. Our strategic investor was told about this agreement at the outset." Eureko, which heads a group owning 30% of PZU, said it had not heard of the buyback plan: "We are as astonished as I imagine everyone else is," said Eureko's spokeswoman Lorrie Morgan. Cytrycki has denied offering to quit over the row. (Parkiet, p. 6; Reuters) A.Z.