POLAND: BGZ sells Hortex stake
Poland's Bank Gospodarki Zywnosciowej bank is to offload its 29.48% stake in local food manufacturer Hortex. Its stake will be bought by the group's other major shareholders, which include Bank of America investment fund, EBRD and another Polish financial institution. BGZ is believed to be unhappy with the limited scope it had to restructure Hortex, which last year made undisclosed losses on turnover of PlZ800m.
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