El Opole following trend of power station-coal mine merger

The directors of the Budryk coal mine in Ornontowice near Gliwice are seriously considering joining its forces with powerplant El Opole. Before the merger, Budryk intends to increase its share capital, or rather swap debts for new stock. "We have agreed with the Finance Ministry to the swap," revealed Piotr Czajkowski, president of Budryk mine. According to estimates, the company might be willing to make swap about zł. 200-300 million of its debts, which was created to develop its own coal mine. According to the president, after remitting the debts, Budryk could merge with the power plant. However, "The final decision will be taken by the Treasury," stressed Czajkowski. According to Ireneusz Wesołowski, strategy director in El Opole, this is "a natural concept", as "We have similar experience and problems." It is however, unclear whether Budryk would be included in the BOT group consisting of Bełchatów-Opole-Turów, but the decision will be taken before the end of 2003. (Puls Biznesu, p. 9) M.M.