In October 2008, Andrzej Klesyk, CEO of Poland's largest insurer PZU, reflected on possible ways of resolving a decade-long cross-border shareholder conflict at his company. Owned 55% by the Polish State Treasury and 33% by the Dutch insurer Eureko as of October 2008, PZU was a highly profitable company and Poland's biggest asset holder. Eureko aimed at majority ownership of PZU as the building block of its Eastern European expansion strategy. The Treasury, however, was reluctant to forfeit control of the country's crown jewels. Several rounds of negotiations and international arbitration failed to resolve the conflict, leading to a progressive breach of trust. Was there anything Klesyk could do to break this international and multilateral stalemate?

In September 2008, the Polish State Treasury and the Dutch insurer Eureko were wondering if they were ready for reaching an amicable solution on PZU. If so, for how much and under what conditions should they settle so that they, as well as PZU, are satisfied? If not, what other potential alternatives might exist?

After a decade-long dispute with the Polish State Treasury, in October 2009 the Dutch insurer Eureko agreed to exit PZU in exchange for compensation. Who was the biggest beneficiary of the settlement: Eureko, the Treasury, or PZU itself?