Mostostal Zabrze merger with Pia Piasecki deemed wise construction move

Representatives of construction companies Mostostal Zabrze and Pia Piasecki confirm they are considering a merger, but deny rumors that share exchange parity has already been fixed. The deal would create one of the largest construction holdings in the sector, with market value at almost zl. 250 million. As far as sales are concerned, the Mostostal-Piasecki group would place third or fourth in the country. Analysts say a Mostostal-Piasecki merger would be a very wise move, since the two firms are complementary: Mostostal deals with industrial construction, while Pia Piasecki builds housing estates. “A fusion with Pia Piasecki is probable but no decisions have been made so far. We have been co-operating for a long time, bidding together for contracts,” said Mostostal’s spokesman Katarzyna Krakowczyk. Bank Handlowy, which holds Pia Piasecki convertible bonds and a 34% stake in Mostostal, is interested in the merger. Rumors have it that the bank wants to find a strategic investor for the future holding, making a profit on Mostostal’s shares by selling them to the investor. (Gazeta Wyborcza, p. 27) A.Z.