Skanska promises to keep local management at Exbud

Swedish construction group Skanska acquired 75% of Poland's second largest construction company Exbud S.A. last month and yesterday announced changes in Exbud's management. Long-time president Witold Zaraska will step down and become head of the supervisory board. Leszek Walczyk, until now Exbud's financial director, will take over as president. Claes Bjork, president of Skanska, said the Swedish group does not intend to make major personnel changes, "Leaving operational management in the hands of experienced local managers is a successful element of our strategy." The new seven-member managing board will feature only two Skanska representatives. Skanska will announce a second public tender offer for Exbud shares, priced at zl. 40 per share. However, the Swedish company has no intention of delisting Exbud. The takeover of Exbud will cost Skanska zl. 670 million. (Puls Biznesu, page 4, Gazeta Wyborcza, page 34) T.J.