Bloomberg News

BRE Bank, CEZ, Kernel, KGHM, PKO: Central Europe Equity Preview

October 03, 2011

Oct. 3 (Bloomberg) -- The following is a list of companies whose shares may have unusual price changes in central European markets. Stock symbols are in parentheses after company names. Share prices are from the last close.

Poland’s WIG20 Index closed unchanged, the Czech PX Index lost 0.8 percent and Hungary’s BUX Index fell 0.2 percent.

BRE Bank SA (BRE PW): The Polish unit of Commerzbank AG was raised to “buy” from “hold” at Citigroup Inc. BRE jumped 2.5 percent to 242 zloty.

CEZ AS (CEZ CP): The Czech Republic’s biggest power producer may build new reactors at the Dukovany nuclear plant in about 2030, Hospodarske Noviny reported, citing an interview with Chief Executive Officer Daniel Benes. CEZ shares fell 0.5 percent to 710 koruna.

ING Bank Slaski SA (BSK PW): The Polish unit of ING Groep NV had its price estimate cut to 735 zloty from 886 zloty at Citigroup. The shares were unchanged 740 zloty.

Kernel Holding SA (KER PW): The largest sunflower-oil producer in Ukraine signed an agreement for a $100 million five- year loan with a Ukrainian bank it didn’t name, the company said in a regulatory filing on Oct. 1. Kernel will use the proceeds to pay off the debt of its Ukrros unit and to finance sugar production. Kernel rose 0.4 percent to 61.3 zloty.

KGHM Polska Miedz SA (KGH PW): Poland’s sole copper producer wants to bid this year on a company whose books it’s now examining, Dziennik Gazeta Prawna reported, citing an interview yesterday with Deputy Chief Executive Officer Maciej Tybura. The takeover target is a Canadian copper producer listed in Toronto, the newspaper said, without saying where it got the information. KGHM fell 1.5 percent to 131 zloty.

Kredyt Bank SA (KRB PW): The Polish unit of KBC Groep NV had its price projection cut to 12 zloty from 16.1 zloty at Citigroup. Kredyt Bank lost 2 percent to 12.5 zloty.

Bank Millennium SA (MIL PW): The Polish bank that Banco Comercial Portugues SA is seeking to sell had its price-estimate cut to 4.53 zloty from 5 zloty at Citigroup. Millennium fell 0.2 percent to 4.6 zloty.

PKO Bank Polski SA (PKO PW): Poland’s biggest bank had its price estimate cut to 41 zloty from 42.90 zloty at Citigroup. PKO shares declined 1.3 percent to 32.9 zloty.

Warsaw Stock Exchange (GPW PW): The operator of the Polish equity market may pay as much as 230 million zloty ($69.7 million) for an 80 percent stake in state-owned power exchange Towarowa Gielda Energii SA, known as PolPx, Rzeczpospolita newspaper reported Oct. 1, without saying where it got the information. The shares fell 0.5 percent to 42.5 zloty.

TVN SA (TVN PW): Vivendi SA is bidding for a majority stake in Poland’s largest television network, and is seeking to enlist a Polish partner or a company with experience on the Polish market to bolster its offer, Rzeczpospolita reported, citing an interview with Jean-Rene Fourtou, the chairman of Vivendi’s supervisory board.

Separately, ITI Holdings SA, the majority owner of TVN, should pick a buyer for its stake by mid-October from three bidders, Rzeczpospolita reported, quoting a person involved in the transaction. TVN added 0.4 percent to 14.34 zloty.

Bank Zachodni WBK SA (BZW PW): The Polish bank bought by Banco Santander SA this year had its price estimate cut to 239 zloty from 253 zloty at Citigroup. Zachodni rose 0.5 percent to 225 zloty.

--Editors: Chris Peterson, Claudia Maedler

To contact the reporters on this story: Piotr Skolimowski in Warsaw at pskolimowski@bloomberg.net; Pawel Kozlowski in Warsaw pkozlowski@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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