Ministry flirts ridiculous price to Eureko for PZU stake

Deputy Finance Minister Andrzej Sopocko claims that Eureko should pay euro 700 million for a 21% stake in insurer PZU, which would be 50% more than the pan-European concern paid for its 30% stake three years ago. If Eureko agre es and picks up the stake it will give it an over 50% vote in the General S hareholders Meeting. The Ministry has been delaying taking a decision on the issue, as it doubts whether the concern has the money for the purchase. The sum proposed by Sopocko astonished Eureko, company spokeswoman Lorrie Morgan said, "We have not been contacted by the Ministry, so we are treating this statement as speculation." According to Sopocko's calculations, PZU is worth zl. 14-15 billion, while three years ago it was valuated at zl. 10 billion. "The difference is huge, even if we take into account the bonus that Eureko has to pay for taking control over the insurer," said DB Securities analyst Marcin Jablczynski. (Parkiet, p. 6) M.M.