KBC's plans to acquire a majority in Warta move forward

Two months ago, Belgian KBC Insurance, which holds a 40.3% stake in insurance company Warta, informed that it has reached a preliminary agreement with a key Warta investor, Kulczyk Holding. Since then, the Belgians applied to the Finance Minister for permission to increase its involvement in the company to over 75%. "This move means that KBC wants to take over the whole of Warta. There is no need for Kulczyk Holding to remain in the insurer due to its results and the current situation on the insurance market," explained Marcin Materna, an analyst with DM Millennium. Andrzej Wiśniewski, spokesman for Kulczyk Holding, refused to comment on the issue. KBC's first move could be to acquire Warta Investment, which holds an almost 11% stake in Warta. "I think that Kulczyk will sell his shares and afterwards spend the capital on takeovers in the fuel and energy sectors," said Marcin Jabłczyński from Deutsche Bank Polska. It is believed that it will cost KBC between zł. 455-512 million to secure a 75% stake in Warta. (Parkiet, September 13-15, p. 3) M.M.