Warsaw Stock Exchange to takeover over-the-counter market next month

The Warsaw Stock Exchange (WSE) bid to takeover CeTO will probably take place in the beginning of October and will cost about zl. 3 million. WSE will purchase from CDM Pekao S.A. 3 million shares, which would give it 53.8% of CeTO's capital WSE vice-president Piotr Kaminski said. The coming takeover will be only the beginning of the consolidation of the Polish financial markets. The next step could be the purchase of the Polish Financial Stock Exchange. According to Piotr Wisniewski, the vice-president of CeTO, the transaction is not a loss. "The finalization of the transaction is what we actually aimed at. The over-the-counter market had been having some difficulties for a long time. Only the last public offering was a success. We also have to keep in mind that CeTO was very innovative on the Polish capital market," said Wisniewski. The WSE takeover of CeTO will be good for the development of the small- and medium-sized company market. Polish stock exchanges have to consolidate in order to keep up with the foreign competitors. (Puls Biznesu, page 1,2)