THE POLISH government has launched the sale of stock in Polski Koncern Naftowy (PKN), the national oil and gas group owned by the state-owned group, Nafta Polska. Nafta plans to sell up to 30% of PKN's equity capital in a deal which could raise as much as Eu825m. The divestment will be the largest central European deal of 1999. The two tranche deal will target investors in both the local and international markets. Joining Dresdner Kleinwort Benson on the international sale will be Deutsche Bank, Lehman Brothers and Salomon Smith Barney as co-lead managers, with Crédit Lyonnais, CAIB and ABN Amro Rothschild as co-managers. The deal will be priced on November 19. A small retail sale will be targeted at local investors. The domestic tranche will be run by BRE Securities.
October 22, 1999