In Brief: Citigroup; PGNiG; Commerzbank; Tonsil; Brau Union

Citigroup and ING are going to reduce their shareholdings in Bank Handlowy and ING BSK to 75% from respectively 91.4% and 87.8%, sometime in the second half of 2003. They will most likely offer part of their stakes to big investors, say sector analysts. (Rzeczpospolita, p. B7) ... Polish Oil and Gas (PGNiG) has signed an agreement with Bank Handlowy, Pekao SA and Kredyt Bank over granting a loan of $150 million which will be used to finance PGNiG's restructuring programme. (Puls Biznesu, p. 4) ... Commerzbank, the strategic investor in BRE Bank, has pulled out of purchasing shares in the PTE Skarbiec-Emerytura pension fund. It is possible that another investor connected with the German bank will acquire the stake. (Parkiet, p. 3) ... Wrzesnia-based loudspeaker producer Tonsil, which is on the verge of b ankruptcy, is hoping to come to terms with Pekao SA which has filed for its bankruptcy. "The success of the talks will depend on whether we will be able to pay part of delayed liabilities," said Tonsil's president Czeslaw Schejn. The company owes the bank zl. 16 million. (Puls Biznesu, p. 6) ... Owner of Browary Warszawskie, and beer brands Krolewskie and Van Pur Brau Union of Austria (BU) has posted a 10% drop in sales last year. BU president in Poland Werner Jansel said it was a result of the investor's carefully prepared policy which is currently more concentrated on achieving prof itability. (Puls Biznesu, p. 9) J.K./A.Z.