Kulczyk Holding looking to Munich RE for a better price for Warta insurance

insurance Kulczyk Holding, which holds an 80% stake in Poland's second largest insurer, Warta, has recently held talks regarding the sale of the stake to German insurer Munich RE, say unofficial Rzeczpopsolita sources. The sources say that last Saturday a Munich RE representative met with Jan Kulczyk, the tycoon who controls Kulczyk Holding. It was earlier reported that the major contender for the stake was French insurance giant AXA, but now it looks as though Kulczyk is shopping Warta to other potential buyers. According to unofficial sources, Kulczyk and AXA could not agree on the price. Kulczyk initially offered the stake at zl. 180 per share, but according to analysts it is unlikely anyone will pay this much. If Munich RE did acquire Warta, it would control six insurance companies in Poland, commanding 18% of the property insurance market. (Rzeczpopsolita, page B5)