Eureko benefits from latest moves in PZU acquisition saga

The most likely buyer is Dutch insurance group Eureko, together with whom Millenium originally acquired the shares in a privatization deal. Bank Millenium spokesman Wojciech Kaczorowski admits that his institution is considering such a move and that Eureko would be the natural partner in the transaction. Meanwhile, on Wednesday, Treasury Minister Jacek Socha presented the details of a possible settlement of the Treasury with Eureko on control over PZU, to Sejm deputies. According to Rzeczpospolita, the settlement would see Eureko give up its demands to be allowed to acquire an additional stake in PZU, while the Treasury would pledge to float PZU shares on the stock exchange as soon as possible. The Dutch group would also be obliged to hold on to its PZU shares for a few years, with Polish politicians fearing a sell-off to a larger European insurance player, such as French Axa or Germany's Allianz. (Rzeczpospolita, p. B1) T.J.