Sale of LG Petro Bank held up by valuation differences

Negotiations on the takeover by Scandinavian group Nordea of 91% of LG Petro Bank are continuing, despite wide differences in the valuation of the stake. Nordea officials have said they are prepared to pay zl.576 million, which is equivalent to the bank's current market valuation. However, major shareholde rs in LG Petro Bank, which include LG Investment Holdings, PKN Orlen, KWB Be lchatow coal mine and Energetyka Poznan, claim the stake is worth zl.709 mil lion. It seems that despite the difference of opinion, Nordea will not give up easily. "I maintain that our investor is interested in the purchase of LG Petro Bank," said president of Nordea Bank Polska, Gabriela Grybos. Analysts point out that the acquisition of LG Petro Bank is a key element in Nordea's strategy of creating a nationwide, information-based financial institution i n Poland that specializes in the servicing of retailers and small and med ium-sized companies. (Puls Biznesu, p. 8) M.K.