Elektrim opts against selling Acciona its stake in Mostostal

Telecom and energy group Elektrim decided not to respond to Spanish builder Acciona's public bid for shares in construction firm Mostostal Warszawa, but despite that Acciona has a chance to take full control over Mostostal. Elektrim, which owns 28.5% of Mostostal against Acciona's 24%, found the zl.14 per share offered by the Spanish company unsatisfactory. However, if small shareholders believe otherwise, Acciona could be successful in acquiring a further 25% through the public bid, giving it 49% and effective control. Furthermore, the Spanish investor has a buy-first option on Elektrim's shares, meaning that the latter has little choice but eventually to sell them to Acciona. Analysts claim small investors could respond well to Acciona's bid, since it is fairly attractive in terms of price, as at the time of its announcement Mostostal's shares were listed at zl.10-11 on the Warsaw Stock Exchange (WSE) and the company has just posted a zl.54 million loss for the year 2000. (Gazeta Wyborcza, p.23; Puls Biznesu, p.5) T.J.