West LB may have solution for Eureko-PZU dispute

Westdeutsche Landesbank (West LB) is reported to have come up with a possible solution to the long-running dispute between the Treasury and Dutch-based insurer Eureko over leading Polish insurance company PZU. According to unofficial information quoted by Puls Biznesu, West LB may be prepared to buy the PZU stake already acquired by Eureko. The bank, which would be acting on behalf of the Treasury Ministry, would purchase the shares in partnership with PKO BP. The two banks would offer Eureko the same zl.3 billion it originally paid for the PZU stake, plus some extra cash. Both Treasury Minister Wieslaw Kaczmarek and Eureko board member Ernst Jansen have denied the report. However, Puls Biznesu comments that West LB has been involved in similar operations in Germany and Hungary, and has already cooperated with PKO BP. (Puls Biznesu, pp. 6, 7) A.D.