Eureko purchase of PZU employees' shares held up by delay in Treasury deal

Eureko will not begin purchasing employee-held shares of domestic insurer PZU as planned on November 12 because it has not managed to complete the purchase of 21% of PZU shares from the Treasury. The PZU employees' shares sale freeze deadline will pass on November 11. Under the social package signed by Eureko, after that date the company was to begin purchasing the shares at zl.116.50 each. A condition of the agreement, however, was that Eureko would purchase 21% of PZU shares from the Treasury beforehand. Puls Biznesu speculates that the purchase of the employees' shares will now start after December 1. Finalization of the entire transaction would give the consortium of Eureko and BIG Bank Gdanski control of 51% of PZU. However, under the agreement signed with the Treasury, the Interior Ministry must grant permission for the indirect takeover by a foreign investor of PZU real estate. PZU owns approximately 1,000 properties. (Puls Biznesu, p. 7) P.J.