Rift between Orlen and National Grid cripples NOM

Representatives of Orlen did not show up during NOM's general shareholders' meeting last week, during which the company was to present its new strategy and request permission to become a MVNO. "NOM wants to change its profile, as market conditions have changed. However, conflict among the shareholders is preventing this. The General Shareholders' Meeting cannot pass any resolutions, as they have to be accepted by both shareholders," said Krzysztof Witoń, deputy president of NOM. The conflict started two years ago when PKN let it be known that it was carrying out its sale option of a 35% stake in NOM to the Grid, which at the time controlled 65% of shares. The stake had a nominal value of zł.84 million, but Orlen demanded zł.111.5 million. Recently, the arbitration court ruled that PSE were right and Orlen has to correct its results for 2003. "We will soon meet with Exatel [representing PSE in NOM] to talk about a possible solution," said Dawid Piekarz, spokesman of Orlen. (Puls Biznesu, pp. 1, 8) M.M.