"We are selling you the house, but we are staying in the
master bedroom, telling you what colour to paint the door and
who you can invite to dinner." This is how one in-house counsel
describes M&A in Poland. Frustrating bureaucracy in Polish
deals is not a new development for investment bankers. It's
been a stumbling block for years.
But when banks come to advise on the listing of those
companies, it's a different story. Warsaw is the place to
Out of the recent EU accession countries (2004 and 2007
entrants), Poland is the destination of choice for initial
public offerings (IPOs). Out of the top 10 IPOs in the region
for the past 12 months, Warsaw was involved in eight of them.
Three quarters of these were listed only on the Warsaw Stock
Naturally, accession countries adhere to the EU