PZU's public offering uncertain in wake of NY tragedy

According to daily Puls Biznesu, the IPO of domestic insurer PZU is now uncertain in the wake of weakened financial markets following Tuesday's terrorist attacks in the US. "The situation after Tuesday's attack on USA is quite difficult, since insurance companies, mainly American, could face losses over insurance payouts...we will consult with our advisors," said Karol Milkowski, director of the Strategic Companies' Department in the State Treasury. Meanwhile, PZU's labor unions yesterday signed a social package for the companies' employees. The president of PZU, Zygmunt Kostkiewicz, signed the agreement on behalf of Eureko, which is due to become PZU's majority stakeholder after the second privatization phase. The conditions of the deal were kept confidential but according to Puls Biznesu, they will mainly focus on employment and payment guarantees, the union's activities and health protection. (Puls Biznesu, p.7, Prawo i Gospodarka, p.7) P.J.