Eureko wins Treasury approval to increase stake in PZU

The pan-European insurance group Eureko has reached a deal with the Treasury Ministry to obtain a substantial stake in Powszechny Zaklad Ubezpieczen (PZU). The final decision, however, will be taken by the Cabinet on the recommendation of the Cabinet Economic Committee (KERM). If the Cabinet declines to endorse the deal, Treasury Minister Emil Wasacz would propose to sell a much smaller stake to Eureko at an equally competitive price. In related news, Eureko has finalized a contract to buy 10% of PZU shares currently owned by Big Bank Gdanski (BIG BG). Wasacz has also disclosed he is still supportive of the dismissed PZU president Wladyslaw Jamrozy, but would not reinstate him because Eureko had lost confidence in his ability to run the company. (Prawo i Gospodarka, June 3-4, page 1). S.M.