Kulczyk to sell Warta and buy into PKN Orlen and PZU?

Kulczyk Holding is holding talks with banking-insurance company KBC of Belgium over the sale of its 57.8% stake in Warta, the second largest national insurer as a springing board to other investments. The group is now gearing up to increase its share in PKN Orlen and does not deny its interest in insurer PZU. The question remains at what price Kulczyk would be willing to sell his shares. According to a sector analyst Marcin Materna from Milenium brokerage house, Kulczyk may receive as much as zl. 760 million, as the market price of the stake is worth zl. 577.2 million does not reflect the fact that it controls 13% of the national insurance market. KBC already holds 40.03% in Warta and it also has a controlling stake in Kredyt Bank. "The purchase would pave the way for KBC to create a cohesive bancassurance group," said Materna. (Puls Biznesu, p. 4) J.K.