Rumors link BRE Bank with Twoj Styl takeover bid

BRE Bank is rumored to be planning a takeover bid for Polska Grupa Interim (PGI), owner of Twoj Styl, one of Poland's leading monthly magazines for women. The rumors have been fueled by news that on January 4 BRE Bank abruptly canceled three credit agreements signed with PGI, worth in total zl.55 million. In an official letter to the PGI management, BRE Bank gave the company seven days to repay the loans. Insiders are convinced that the move is linked to a hostile takeover bid for one of the strongest women's magazine titles on the Polish market, and the only one that remains in the hands of a Polish publisher. "Wydawnictwo Prasowe Twoj Styl is a thorn in the side of many foreign media concerns. Most of them have already spoken to the publisher about the possibility of buying the firm, but without success," said a Puls Biznesu source with close ties to the media market. The source went on to suggest that BRE Bank was probably acting on the orders of its sector investor. Wydawnictwo Prasowe Twoj Styl publishing house is PGI's most prized asset, with three leading magazine titles, namely Twoj Styl, Filipinka, and Votre Beaute. It also owns a significant real estate portfolio and has a stake in auctioneer DESA Unicum. (Puls Biznesu, p. 6) A.Z.