ZE PAK shares drop after it ends talks with PGE on gas-fired plant

** Shares of ZE PAK (ZEP.WA) fall as much as 20.2% after the Polish energy company said it was ending negotiations to sell its gas-fired power plant project PAK CCGT to PGE PGE

** The company said that it will pursue CCGT project independently with other financing

** The news is negative for ZE PAK as there were expectations that the deal would be carried out on favorable terms for the company, Ipopema Securities analyst Robert Maj says

** On the other hand, the news is positive for PGE because it won't have to spend money or increase CAPEX, Maj adds

** ZE PAK shares were down around 15% at 0753 GMT, PGE shares were up around 1.6%