KBC's talks with Kulczyk over Warta begin to stumble over money

According to unofficial information, the wealthiest entrepreneur Jan Kulczyk has received $37 million for his stake in insurer Warta. However, the transaction has not been signed yet as the Belgian banking-insurance concern KBC claims that Kulczyk's financial demands are exaggerated. Currently, the Belgians hold a 40.03% stake in Warta whereas 58.44% remains in Kulczyk's hands. The parties have made an agreement, under which KBC will hold at least a 51% stake in Warta. According to earlier announcements, the transaction should have been concluded in the middle of September, but the plans did not come to fruition. Rumors are circulating that due to the poor results posted by the Polish insurer, KBC should carry on with the negotiations. Both sides have refused to disclose the value of the contract, but analysis speculate that the price will range between zł. 160 and 220 per share. (Gazeta Wyborcza, p. 25) A.Z.