Kulczyk to sell Warta and buy into PKN Orlen?

According to unofficial information in Rzeczpospolita, Kulczyk Holding is n ear to finalizing a transaction to sell his zł. 610 million stake in insurer Warta to Belgium's KBC. The Belgian company, which currently holds 40% of s hares in Warta, announced nearly a year ago its plan to increase its engage ment in the insurer. Kulczyk Holding, jointly with its subsidiaries, holds a 58% stake in Warta. The funds obtained from the sale will be used by the bu sinessman to acquire a significant stake in PKN Orlen, of which he already controls around 5.7%. Following this, his next probable move would be to se ll his consolidated stake to an fuel sector investor. So far, Russian Jukos, which appears to be interested in such a deal. It was not revealed whether negotiations between Kulczyk Holding and Jukos are currently taking place. (Rzeczpospolita, April 12-13, p. B1) A.K.