Grajewo to raise PLN 1 billion and acquire parent company

The shareholders of WSE-listed wood manufacturer Grajewo agreed to set a share issue in order to raise around PLN1 billion and acquire the company's German parental firm, Pfleiderer Service GmbH, Reuters reported. Polish Grajewo wants to purchase all of Pfleiderer's shares from its current owner, investment fund Atlantik.  Grajewo will issue up to 40 million shares, which, based on the current share price of PLN 25.31, will be worth over PLN 1 billion. Under the new ownership structure, Grajewo wil be dominated by Polish investors (mainly investment and pension funds). Thus it will be no longer under German control, Reuters reported, citing a source close to the company.