* PBG agreed to buy 25 pct in Energomontaz for 61 mln zlotys
* Says may raise stake further
* Eyes two takeover targets, may sign deal in 2009
(Wraps PBG stories, adds quotes)
By Adrian Krajewski
WARSAW, Sept 22 (Reuters) - Polish builder PBG announced it was buying 25 percent of rival Energomontaz Poludnie and said it may raise its stake further if the energy sector construction market proved attractive enough.
Poland's top builder agreed to buy 17.7 million Energomontaz shares for 61 million zlotys ($21.5 million) at a below-market price of 3.45 zlotys per share.
"In the case of positive development for the Polish energy market, mainly if we ink enough contracts in the next year or year and a half... we don't exclude raising our stake," PBG spokesman Jacek Krzyzaniak told Reuters on Tuesday.
He said more takeovers were possible this year to further increase PBG's presence in a highly lucrative market.
PBG, valued at $1.1 billion, has set its sights on two potential targets, with Energomontaz seen as core to its consolidation effort in the sector.
Analysts said the agreement was no great surprise as it had been flagged by PBG, adding the group would now have to prove its effectiveness in winning energy sector contracts.
"Our goal is to build a group, which will be the leading construction company for the energy sector," Andrzej Holda, head of Energomontaz, told TVN CNBC channel. "PBG's presence is vital from the point of view of winning contracts." PBG, which has an order backlog of over 6 billion zlotys, issued 200 million zlotys worth of shares in July, given it is slated to take part in large road and stadium projects ahead of the Euro 2012 football championships being hosted by Poland and Ukraine.
Its shares were up 2.5 percent at 0900 GMT, with Energomontaz up 0.4 percent. (Additional reporting by Pawel Bernat and Patryk Wasilewski; Editing by Dan Lalor) ($1 = 2.844 zlotys)