Vatenfall to contest GZE contract?

Sweden's Vatenfall should increase the capital of Gornoslaski Zaklad Energetyczny (GZE) by euro 66 million and subsequently buy more shares in the power distributor from the Treasury Ministry though unofficial sources claim the investor would like to renegotiate the contract. According to Puls Biznesu, the most likely bone of contention is the price of the shares to change hands as well as the date by which the investor would be scheduled to increase GZE's capital, which it might now deem unnecessary as it already virtually controls the power distributor. Under the provisions of the privatization contract, signed two years ago, Vatenfall should take over 250,000 newly issued GZE shares at a price of euro 660 each. Moreover, the Swedes will soon be forced by the contract to buy another 287,500 shares for total of euro 187 million. Vatenfall's investment in GZE to date stands at euro 99 million in return for 150,000 shares, increasing its stake in the company to 31.8%. (Puls Biznesu, p. 3) J.K.