PZU may make public offer if disputes are resolved

By May 2004, the date planned for EU accession, top insurer PZU could make a public offering, if internal disputes are settled, new CEO Cezary Stypułkowski stated yesterday. The company's public offering has been delayed by a conflict between the state and PZU's other key shareholder, Dutch-based Eureko. "I just cannot imagine that a company in which there is a conflict between shareholders, could be well-received in an equity market," said Stypułkowski, a former chief executive of Citigroup unit Bank Handlowy. "The very fact that I am here transpires from the understanding that state-controlled firms should be run properly," he said. The leftist cabinet plans to float a 10%-20% stake in the insurer in 2004 or 2005. Stypułkowski said that he had met Eureko Executive Director, Ernst Jansen, to discuss possible future scenarios for PZU. "Both sides are interested in solving the conflict and starting good cooperation. I have three or four scenarios, but I cannot reveal them right now," said Stypułkowski. (Reuters; Parkiet, p. 7; Puls Biznesu, p. 7) A.K.