Kruk begins to use every trick to fight takeover

Wojciech Kruk, the main shareholder in jewelry company W. Kruk who holds a slightly over 28% stake in the firm, told daily Parkiet that he is considering the establishment of a competitive jewelry firm. "As shown by history, for instance at the example of Mr. Grycan, this move has a huge chance of success," said Wojciech Kruk.

Zbigniew Grycan sold his confectionery company Zielona Budka and almost immediately established another enterprise running a similar activity. According to analysts, the announcement of Wojciech Kruk is a bargaining chip rather than a declaration of activities he may pursue.

According to Wojciech Kruk, the establishment of a new entity might take place once W. Kruk is taken over by Vistula & Wólczanka, which made a call for 51-66% stake in the firm.

Wojciech Kruk wants to block the take over and in his opinion the merger has no justification from the business perspective. He will not only encourage financial shareholders not to reply to the call, but he will also invest his private funds to defend against, what he calls, a hostile take over.

"I hope that our joint future will only be decided by the shareholders, as both companies are public," says Rafał Bauer, president of Vistula & Wólczanka. (Parkiet, pp. 1, 10-11; 17-18 May; Puls Biznesu, pp. 1, 8, 9) M.M.