KNF with serious doubts regarding Bumech stock transaction

Poland's Financial Supervisory Authority (KNF) said that it did not receive any information from China Coal Energy regarding its recent takeover of Bumech shares, and gathered information does not support the case that such deal occurred. Last week, coal mining machinery producer Bumech announced in a market filing that China Coal Energy increased its stake in the company to 9.77 percent. After the information, the company's stock increased by some 50 percent. On Friday KNF suspended Bumech trading on the Warsaw Stock Exchange, after launching the investigation. The company did not comment on the allegations, but released a statement thanking KNF and WSE for stopping the potential hostile takeover attempt.