Mostostal Siedlce and Polimex Cekop merger process moving ahead

The directors of Mostostal Siedlce and Polimex Cekop announced plans to commence the restructuring process of the entities before they are merged in early 2004. The main objective of the restructuring plan is to make the organizational structures less complex. This will be achieved by an acquisition of the subsidiaries of the holdings by a parent company, which will then transform them into subdivisions. Representatives of both companies ensure that the merger process will be beneficial for all shareholders. "After the merger, we will also buy back the remaining shares of our subsidiaries in order to lead to a full integration," said Polimex Cekop President Konrad Jaskóła. Aleksander Jonek, the President of Mostostal Siedlce added that both companies will ensure that they will not overlap each others scope of activities. The general shareholders meeting during which the final decision to merge will be taken is set for November 3. (Puls Biznesu, p. 6; Parkiet, p. 5) A.K.