Speculation mounts over Kulczyk's plans for PKN Orlen
Interest in today's extraordinary general meeting of PKN Orlen shareholders
has been fueled by the revelation that tycoon Jan Kulczyk has built up a
3.7% stake in the company, entitling him to 7.2% of votes. High on the
agenda at the meeting are motions on reshuffling the company's supervisory
board and setting up a joint venture with chemicals concern Basell.
According to the Gazeta Wyborcza daily, passage of the proposals should be a
formality, since they are both supported by the Treasury, which controls 56%
of shareholder votes. However, the intentions of Kulczyk are unclear,
although Puls Biznesu speculates that, in cooperation with other
shareholders, he may be planning to try and have his representative voted on
to the supervisory board. Without the Treasury's consent, however, his
chances of success would appear minimal. (Parkiet, p. 3; Puls Biznesu, p. 3;
Gazeta Wyborcza, p. 21) P.J.
