Power industry
Elektrim reduces bid for employee-held stake in PAK
Elektrim subsidiary Elektrim Volt will buy 30 percent of shares still held by employees of PAK power plant. Warsaw-based conglomerate is offering just 133.9 zloty per share, some 45 percent below the price set in PAK privatization deal several years ago. Trade unions at the plant, one of Poland's largest power producers say Elektrim's bid violates the terms of privatization contract.
Piotr Rybiński, senior member of KNZSS Solidarity union at PAK says at these terms Elektrim may buy less than 1 percent of employee stock. Rybiński also questions Elektrim's choice of Agencja Informacyjna Penetrator, which handles the buyout, scheduled to...