KGHM indicated that it had not put its bid in the privatization of Serbian copper mining and smelting conglomerate Bor, valued at USD 227m.
Our view: We view the news as positive. We do not consider Bor as an attractive acquisition target, given the fact that it requires restructuring, and KGHM lacks the skills needed in that respect. Bor is also relatively small compared with KGHM and its results would not improve KGHM results visibly.