Kulczyk plans to devour Warta prior to strategic investor

Daily Parkiet has learned Kulczyk Holding is planning to take control of 90% of Warta S.A. insurance company in a share purchase before October. The latest moves on the floor suggest Kulczyk and its affiliates will break with Euro Agro Centrum to reach its goal. After the deal with Franklin Resources, Kulczyk virtually controls 82.75% of the company. Now, it is in no way hindered from buying 5% of Warta shares from Anna Wozniak and 4.95% from Belgian KBC Verzekeringen. Still, the latter may prove problematic for Kulczyk as the two companies are competing to control Warta. It is also possible that KBC will prefer to sell their stocks directly to the awaited Warta strategic investor. According to analysts, Kulczyk wants 90% of the insurer to strengthen its position during the negotiations with potential investors. (Parkiet, Sept. 2-4, page 6)