EU accession countries

Author: | Published: 1 Aug 2007

Nicholas Pettifer
Staff writer

"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 be.

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 Exchange.

Naturally, accession countries adhere to the EU directives...