SEB tells NFOŚiGW to back down or buy us out over BOŚ

Representatives of Sweden's Skandinaviska Enskilda Banken (SEB), which controls a 47% stake in BOŚ announced that if they will lose the actual power to manage BOŚ they will have to turn to the National Fund for Environmental Protection and Water Management (NFOŚiGW), which currently holds a 44% stake, to buy their shares. This was a reply to the proposal of NFOŚiGW to limit the number of bank's supervisory board members from the current nine to six. If this change will be introduced, the votes controlled by the Swedes during a general shareholders meeting will fall to one third from the current 44%. "Meanwhile, according to legal regulations, two third of votes are enough to change the management of the company or make any other strategic decision," said Lars Gustafsson, SEB's board adviser. (Puls Biznesu, p. 10) A.K.