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UPDATE 1-Poland's Tauron may bid for PKP Energetyka with insurer PZU-Rzeczpospolita
May 28, 2015 / 6:43 AM / 2 years ago

UPDATE 1-Poland's Tauron may bid for PKP Energetyka with insurer PZU-Rzeczpospolita

(Adds PZU comment)

WARSAW, May 28 (Reuters) - Tauron, Poland’s second-largest energy group, is considering submitting a final bid to buy smaller rival PKP Energetyka with insurer PZU as a partner, the Rzeczpospolita daily on Thursday quoted Tauron’s chief executive CEO as saying.

“We are inclined to choose PZU as a partner in submitting the bid for PKP Energetyka,” CEO Dariusz Lubera was quoted as saying.

Sources earlier told Reuters that state-controlled power firm Tauron had bid in a consortium with state-run PZU for financial back-up.

“PZU is interested in every big investment project which will secure an appropriate return for the shareholders at a proper safety level,” PZU spokesman Michal Witkowski said.

PKP Energetyka, owned by state railway group PKP, is Poland’s No.5 power company by energy sold and is the only Polish energy firm with a nationwide distribution network.

Its sale is expected to raise around 1 billion zlotys ($264.47 million), media reported.

The newspaper said the deadline to submit final bids was June 8.

A Tauron spokeswoman was not available for immediate comment.

$1 = 3.7812 zlotys Reporting by Agnieszka Barteczko; editing by Stephen Coates and Jason Neely

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