Weil Gotshal in Polish privatisation bonanza
Poland
June 30, 1999 at 08:03 PM
1 minute read
US firm Weil Gotshal & Manges' Polish office is advising on what are likely to be the two largest privatisation deals of the year.
Last week the $1.1bn (£687m) sale by the Polish treasury of a stake in Pekao, the country's second-largest bank, to a consortium of foreign investors was signed.
Weil Gotshal, led by Warsaw managing partner Pavel Rymarz and leading securities partner Ania Frankowska, advised the Polish government.
White & Case acted for the buyer-consortium, comprising UniCredito of Italy, which took a 50.9% stake in Pekao, and Allianz, the German insurer, which took a further 2%.
Witold Danilowicz, the partner in charge of White & Case's Warsaw office led the Pekao acquisition team.
The deal is one of the last privatisations in the Polish banking sector, but lawyers are bullish about work increasing. In November Poland will see its biggest public offering yet for Polski Koncern Naftowy, the merged state-owned refiner and gas distribution companies.
Weil Gotshal is again representing the Treasury. The team includes London-based partners Nick Holt and William Sievers.
Allen & Overy is advising the merging state enterprises, led by Warsaw-based partner Jacek Jonak.
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