Elektrim and Acciona initiate Mostostal cooperation

The two main shareholders of the Mostostal construction holding, the Spanish Acciona company (holding 49% of its shares) and Polish Elektrim holding (owner of 28.5% of votes and shares) -- signed an agreement on Thursday to initiate close cooperation between both boards of directors and to jointly hold another Mostostal shareholders'meeting aimed at replacing some members of its supervisory board. The meeting will be held by the end of June, according to Acciona directors, and by that time both investors are to withdraw all the suits they had brought to court against each other. Moreover, Elektrim will accept Neil Balfour as Acciona's president and provide Acciona with control over Mostostal. Acciona will probably purchase the Elektrim-owned shares in Mostostal. (Gazeta Wyborcza, May 26-27, p.27) M. S.-C.