Spanish set to buy stake in G-8 energy distributors as deadline looms

All conditions and details concerning the privatization process of Poland's largest network of electrical energy distributors, the G-8 group, have to be accepted and confirmed by the Polish government by the 14th of September. Iberdrola, a huge Spanish concern and holder of exclusive negotiation rights with the Polish group, is willing to pay $400 million for a 25% stake in the group. The investment program proposed by Iberdola announces future spending of almost Euro 1.5 billion into the Polish distributors. Besides the Spanish concern, the interested investors included the Elektrim consortium, Electrabel from Belgium and E.ON Energie, a German consortium. The G-8 group is a network composed of eight electrical energy distributors. In the year 2000 its turnover reached zl. 3.3 billion and it currently cooperates with 2.5 million clients. (Prawo i Gospodarka, p.2; Puls Biznesu, p.6) A.K.