Prokom makes an early start on Softbank takeover

In contrast to market expectations, as early as next week, Prokom will buy the first tranche of Softbank shares and will begin the process of taking control over the company. A radical shake-up is likely to follow in the management of Warsaw-based Softbank. On 17 December, Prokom will buy from Softbank's president Aleksander Lesz, nearly 10% of its shares, which will mark the beginning of the takeover. Each share from the first tranche will cost zl. 12. After the whole transaction is finalized, Gdansk-based Prokom will have nearly 20% of Softbank's shares While this will not give Prokom the full authority to push through its plans, nevertheless it is already has ideas what it wants to do with the senior management. Aleksander Lesz is to move to the supervisory board and his post will be filled by Miroslaw Szturmowicz. Prokom is also looking for a financial and personal manager for its new acquisition. This shake-up is likely to follow at the beginning of 2003. "After sorting out ownership issues, Prokom will move on to introduce changes in the operational management, which has been impaired for quite some time'" said an anonymous source involved in the takeover. (Puls Biznesu, p. 4) A.C.