In Brief: KGHM; PKN Orlen; Życie daily; BRE Bank

Copper conglomerate KGHM Polska Miedź has placed its preliminary estimate for its 2004 investments at zł. 500-600 million. KGHM president Stanisław Specznik said that despite high global copper prices, the company is unlikely to increasing its 2004 net profit, as it wants focus on increasing investments. KGHM hopes that its unconsolidated net profit for 2003 will amount to over zł. 300 million. (Parkiet, p. 1) ... PKN Orlen in cooperation with MOL of Hungary intends to set up a new entity as soon as possible so that the move towards merging the two concerns can be realized by 2005. PKN president Zbigniew Wróbel added that the creation of the joint venture will come to fruition only if the government gives Nafta Polska the go-ahead to sell PKN shares. In related news, PKN's supervisory board will meet on December 11 to discuss a motion to dismiss Wróbel. (Puls Biznesu, p. 8) ... Despite the fact that Tomasz Wołek, the chief editor of the bankrupt daily Życie has created a new editorial team, it is still unclear when the daily will reappear. The 60 strong staff has already prepared sample issues. (Gazeta Wyborcza, p. 32) ... BRE Bank coupled with Eurohypo have extended their deadline for negotiations on the sale of a 50% stake in Rheinhyp BRE mortgage bank. Sources say the deal was postponed due to administrative delays. BRE Bank already owns half of Rheinhypo-BRE. (Parkiet, p. 5) A.Z.