Skanska chief admits Exbud purchase "was a mistake"

"The purchase of Exbud was a mistake," head of Swedish construction group Skanska, Claes Bjork, has admitted. In an interview with the Dagens Industri daily, Bjork said, "We did not foresee that the situation on both the Polish and world construction markets would worsen that much. We invested 1.4 billion kronas. On top of that we spent another 2.3 billion on Selner of Norway, which influenced the overall financial results of the whole group." The interview with the Swedish daily came after Skanska had drastically lowered its financial results forecast, and amid speculation that Bjork would be leaving the company. In what analysts are describing as ominous news, the board of Exbud Skanska has announced that due to internal problems it will not be able to submit its financial results to the Central Statistical Office (GUS). Unofficially it is said Skanska has been preparing to call a public bid for Exbud shares, in order to buy the remaining 6% of the company prior to withdrawing it from the Warsaw Stock Exchange (WSE). (Puls Biznesu, p. 10) J.K.