Elektrim consortium is the latest to talk G-8 purchase

Treasury Minister Aldona Kamela-Sowinska yesterday announced that a consorti um led by Elektrim had been granted exclusive negotiating rights for the pur chase of a stake in the G-8 Group of energy distribution companies. Accordin g to unofficial sources quoted by Puls Biznesu, the consortium, which beside s Elektrim and Elektrim-Volt also includes the Energia unit of Kulczyk Holdi ng, PKN Orlen, and Polish Oil and Gas (PKNiG), has offered $500 million for a 25% stake in the eight electricity distributors. The Treasury Minister has said she expects zl.2 billion in revenue from the deal. This is the second t ime a company has been granted exclusive negotiating rights to buy G-8. Last month talks between the Treasury and Iberdrola broke down after the Spanish company failed to come to terms with the G-8 unions on a social package for the workers. Puls Biznesu's sources suggest that Iberdrola was offering $490 million for the 25% stake, and was promising an additional zl.3 billion in i nvestment. The G-8 group, with 16% of the domestic market, supplies electric ity to 2.5 million customers in North and Central Poland. (Puls Biznesu, p.1 3; Reuters) A.K.