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Privatization
Stocks down on government giveaway plans
Polish government could give away shares of publicly traded companies worth as much as 2.5 billion zloty to ailing state companies and agencies, Treasury Minister Jacek Socha said yesterday.
'We'll have to give away large stakes in either KGHM or PKN Orlen. It can't be done any other way', Socha said after announcing massive giveaway plan.
Shares of two largest state firms, PKN Orlen refinery and KGHM copper mine fell sharply after the announcement. Polish government still owns 44 percent of KGHM. It has a smaller, 28 percent stake in PKN Orlen, but market watchers say the Treasury is likely to retain its interest in the company.
Jacek Socha, who criticized similar practice while serving as the head of Poland's...
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