Poland plans renationalisation of companies, says PM

By bne IntelliNews March 2, 2016

Poland will seek to buy back control in companies that have been privatised, as well as strengthen leverage over those still under state-control, Prime Minister Beata Szydlo told local media on March 2.

The PM’s words appear to signal a new, and rapid, step in the strategy of the ruling Law and Justice (PiS) party to expand its grip on the country and increase the role of the state in the economy.

"It is our goal ... to strengthen the position of the state treasury in all companies that the state still controls. We will also return as owners to those companies that have once been sold out but to which it is yet possible to return," the PM told PiS-backing weekly Gazeta Polska. She did not name any specific company that would be a target for renationalisation.

PiS has long criticised the previous Civic Platform (PO) government for its privatisation programme. Szydlo claimed the strategy was simply "whatever could be sold, was sold." The new Polish government has made little secret of its admiration for the populist and statist stance of the Fidesz government in Hungary, and has copied several of its flagship policies already.

Budapest has nationalised much of the energy sector, as well as some major banks, over the past few years. Press reports suggest insurer PZU is set to relaunch a bid from last year to "repolonise" the banking sector, and is in talks with a pair of foriegn groups seeking an exit.

Earlier this week, the Treasury Minister Dawid Jackiewicz said Poland will halt privatisation deals, as it sees no need to sell assets. Meanwhile, he added, some past deals – such as the sell off of a stake in copper and silver miner KGHM in 2010 - are under scrutiny. The state control of many companies has been whittled away in recent years, and several are controlled by the treasury via minority stakes.

 

 

Related Articles

CVC Capital Partners agrees to buy Zabka Polska

Private equity fund CVC Capital Partners announced on February 21 that it has agreed to buy Polish convenience store chain Zabka Polska. Mid Europa Partners had been looking to offload Zabka since ... more

Poland's real interest rates turn negative as inflation surges in January

Poland's consumer price index grew 1.8% y/y in January, more than doubling its rate compared to December, statistics office GUS announced on February 13. With Polish interest rates sitting at ... more

Poland and Hungary reversing transition to democracy, warns Freedom House

The rise of populism in Poland and Hungary is startling in suggesting that electorates are ready to back leaders that promise to reverse some of the most remarkable recent transitions from ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss