Further hurdle for BO-SEB move
Earlier this month Swedish firm SEB sought to strengthen its grip over Bank Ochrony rodowiska (BO), and offered around $160 (zł.513) million for the 52.7 percent of BO that it doesn't already own. Despite the approach, the state environmental fund that holds 44 percent of the shares said it would not sell.
To add to its problems, SEB will now have to contend with Law and Justice (PiS), which says it will oppose any BO-SEB merger. "[BO] is one of the key elements of the system for financing ecological policy, and a loss of Polish control would call into question the ability to carry out this policy," PiS deputy Ludwik Dorn told Gazeta Wyborcza.
There is some light at the end of the tunnel for the Swedes, however, as Civic Platform, PiS' probable coalition partner, is in favor of privatization.
