History of Eureko’s involvement in the privatisation of PZU
Settlement and Divestment Agreement
On October 1, 2009 Eureko and the Minister of State Treasury of Poland concluded a Settlement and Divestment Agreement concerning the Polish insurance company PZU. This agreement is intended to settle the long-running dispute between Eureko and the Republic of Poland about the privatisation of PZU. Both parties provided performance guarantees to ensure a correct and timely contract execution. The Agreement stipulated the payment of an interim dividend to Eureko by the end of November 2009. As the dividend was duly received by Eureko on November 26, Eureko subsequently halted the international arbitration procedure (see below). The next major step in the execution of the settlement will be the Initial Public Offering (IPO) of PZU-shares, which will enable Eureko gradually to reduce its shareholding in the company. In return for renouncing other specific, previously-acquired rights, Eureko will receive financial compensation. Part of this compensation was paid out along with the dividend received on November 26.
