Treasury announces sale of 25% stake in G-8 to Iberdrola

The Treasury has cleared the sale of a strategic stake in G-8, Poland's largest power distribution group, to Iberdrola of Spain. Announcing the news yesterday, Treasury Minister Aldona Kamela-Sowinska said that all that remains is for Iberdrola to come to terms with the unions concerning the workers' pay and benefits. But she added, "Everything is on the right track." Although no details of the money involved have yet been announced, unofficial sources quoted by Rzeczpospolita suggest that the Spanish concern has agreed to pay $400 million for a 25% stake in the G-8 Group. (Rzeczpospolita, p. B2; Prawo i Gospodarka, p. 5; Reuters) A.K.