Ciech inks cooperation agreement with Kulczyk
Chemical group Ciech has signed a conditional cooperation agreement with KI Chemistry from the Kulczyk Investments group, which wants to acquire a majority stake in the company, Ciech said in a statement last week.
According to the agreement, KI Chemistry is obliged to support Ciech in its operations, strengthen its financial and market standing, as well as to integrate operations of Ciech with those of the KI capital group.
Ciech is obliged to abstain from asset disposal, group restructuring, and other actions worth more than PLN 40 million. It has also agree not to make profit payments apart from the recently approved dividend.
The agreement will come into force if KI Chemistry buys a controlling stake in Ciech. Subscriptions in KI's tender offer for 66 percent in the chemical group ended last Friday. The company recently raised its price in the offer from PLN 29.5 to PLN 31 per share.
Treasury Minister Włodzimierz Karpiński spoke of the new price as “not bad.” The State Treasury holds 38.72 percent in Ciech.
