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Poland's Tauron may bid for PKP Energetyka with insurer PZU-Rzeczpospolita
May 28, 2015 / 5:53 AM / 2 years ago

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

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

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

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

PKP Energetyka, owned by state railway group PKP, is Poland’s No.5 power company by the amount of energy sold and is the only Polish energy firm with a country-wide distribution network. Its sale is expected to raise around 1 billion zlotys ($264.47 million), media reported.

Rzeczpospolita said the deadline to submit final bids was June 8.

PZU and Tauron spokespeople were not immediately available to comment.

$1 = 3.7812 zlotys Reporting by Agnieszka Barteczko; Editing by Stephen Coates

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