Insurance
Hedge funds,
individuals buy PZU shares
International hedge funds, including one fund controlled by Deutsche Bank as well as private Polish investors are accumulating sizable stakes in the privately held insurer Powszechny Zakład Ubezpieczeniowy. Although plans for PZU?s Initial Public Offering were suspended months ago, private investors are still willing to pay between 220 and 230 zloty a share, banking on future listing of the country?s biggest insurance company and a steady stream of dividend payments. The sellers include PZU workers, who received a small stake in the company a while ago.
One of the more aggressive buyers, Cayman Islands-registered QVT Fund LP, a Deutsche Bank controlled hedge fund, owns 254 200 shares of PZU representing 0.29 percent of the total. Another major shareholder, US-based Manchester Securities Corporation...