Meat producer Morliny goes hunting for ZM Pozmeat from BRE Bank

Meat sector company Morliny, owned by Spanish Campofrio, might take over its sector competitor from western Poland, ZM Pozmeat. However, the president of the buying company, Przemyslaw Chabowski, would neither confirm nor deny the information. If Morliny decided to acquire the competitor, then it would have to buy the shares from BRE Bank and two individuals who jointly own a stake of over 46%. Pozmeat is valued at about zl. 40 million and is in serious financial trouble. The company has incurred huge losses and is having problems paying its liabilities. On the other hand, Pozmeat operates the most modern plant in Europe and is likely to develop rapidly. The company recorded losses of zl. 3 million in the first quarter of 2002 with revenues amounting to zl. 32 million. Meanwhile, Morliny, which is firmly backed by its Spanish investor, turned a profit of zl. 1.6 million in the first quarter on revenues of zl. 113.4 million. Following Poland's entry to the European Union, the take-over of ZM Pozmeat would substantially strengthen Morliny's market position. (Puls Biznesu, pp. 1, 4) M.M.