El-Dystrybucja improves its offer for G-8

According to sources, Kulczyk is willing to pay zł.1.2 billion for a 25% stake in the group, which is roughly 10% more than the previous bid. They also claim that Kulczyk has not yet closed the issue of financing the deal and that currently he is in talks with five banks. Treasury Minister Zbigniew Kaniewski will make a final decision by March 15, and then the parties would commence final negotiations. It is possible that G-8 would be floated at the end of 2005, and El-Dystrybucja would have an option to increase its stake in the company. (Puls Biznesu, p. 6) M.M.