Heavy trade in PKN Orlen shares attributed to BRE Bank

Leading investment bank BRE is reported to be making another bold move on the Warsaw Stock Exchange (WSE), this time targeting oil giant PKN Orlen. Reports in Gazeta Wyborcza suggest BRE, which is currently involved in a power struggle at Elektrim, is behind the recent heavy trade in PKN Orlen shares. On Friday the stock reached a 52-week high of zl.22.2, with the trade volume accounting for 25% of the bourse's total on the day. Gazeta Wyborcza claims that BRE could merely be acting as an intermediary for tycoon Jan Kulczyk, who is believed to be advising MOL of Hungary on its bid for PKN Orlen. MOL is competing against Austria's OMV for a 17.6% stake in the Polish oil giant, to be sold by the Treasury Ministry. However, MOL's press office has denied that the company is attempting to accumulate PKN Orlen shares on the stock exchange. (Gazeta Wyborcza, Jan.26-27, p. 24) T.J.