Leisurely-paced privatization of Orbis almost complete

The State Treasury has sold a 35.37% stake in hotel-and-catering chain Orbis to a consortium consisting of Accor, Fic Globe LLC and Globe Trade Center for zl. 578,600 million at zl. 35.50 per share. The consortium will receive the stake in an off-the-floor transaction in August. The French hotel-chain Accor is to receive a 20% stake and will not be allowed to sell the shares in the next three years. Deutsche Bank subsidiary Fic Globe LLC acquired a 10.37% stake and developer Globe Trade Center acquired a 5% stake. The Treasury has retained a 6% stake. Orbis' shares were fixed at zl. 32 yesterday, down 1.5% from Monday. Deputy Treasury Minister Barbara Litak-Zarebska says she is satisfied with the price, although some analysts had expected the price to reach zl. 40 per share. The deal marks the third leg of the privatization of Orbis, which began in 1997 when the company's shares were floated for the first time. (Rzeczpospolita, page B1) P.S.