An earlier bid from KGHM, valuing PAK at zł.1-1.2 billion, provoked an angry response from Elektrim's owner Zygmunt Solorz-Żak. Elektrim says the stake is worth zł.2 billion. Meanwhile, the Treasury, which owns the remaining 54% and which encouraged KGHM to bid for Elektrim's stake, is reportedly mulling a plan to merge PAK with two energy distributors, Enea and Energa. By acquiring the combined group, KGHM would emerge as a major player in the Polish energy market. (Puls Biznesu, p. 1, 4-5) R.M.