In Brief 2: Citigroup Smith Barney on Orlen-MOL merger; ZEC tender

According to the analysts, such a transaction lacks financial logic. The Treasury Ministry, however, wants to speed up the merger and hopes Nafta Polska will come up with new ideas to consolidate the concerns. (Puls Biznesu, p. 7) ... The State Treasury is not satisfied with Vattenfall's offer for the Łódź Power and Heat Group (ZEC), and is now looking at Dalkia's offer. The Ministry hopes to receive about zł.1 billion for an 85% stake in the company. (Parkiet, p. 4) A.F.