POLAND - Dutch insurer Eureko and the Polish ministry of finance have signed a new memorandum to bring about a new round of negotiations concerning the insurer's shareholding in pension firm PZU.

Eureko's struggle to obtain a further stake in the giant insurer PZU is about to enter its 10th year as several Polish governments have so far ignored an earlier promise made to Eureko to privatise PZU. (See earlier IPE story: Polish Treasury worried about Eureko)

However, the Polish Treasury and Eureko have signed a new negotiation memorandum which says "secret talks" will be held between representatives of the two parties: no details of the discussions will be revealed until talks have been concluded.

"By signing the Negotiations Memorandum both parties express the conviction that an amicable conclusion is still possible and would be the more favorable solution for both parties," it is stated in the memorandum.

A similar paper had been signed in February 2008 but negotiations were terminated when no solution was found by a pre-agreed deadline.

Eureko, which has appointed a new chief executive since then, will be represented by Bert Heemskerk, chairman of the executive board of Rabobank Nederland.

He will be negotiating directly with Polish treasury minister Aleksander Grad.

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