Kulczyk buys 51.14% in Ciech
22:35
KI Chemistry from the Kulczyk Investments capital group bought 26.95 million shares in chemical group Ciech, tender offer manager DM BZ WBK said on Wednesday. The stake stands for 51.14 percent in the company.
Poland’s State Treasury, holder of 38.82 percent in Ciech, sold shares in the tender, the Treasury Ministry’s spokesperson Agnieszka Jabłońska-Twaróg said on Twitter the same day. One of the longest-lasting privatization processes was thus closed, she quoted Deputy Treasury Minister Paweł Tamborski as saying.
KI Chemistry announced a tender offer for 66 percent in Ciech at PLN 29.5 apiece in early March, later extending it until May 30. The price per share was raised to PLN 31 per share. The takeover was approved by the Office of Competition and Consumer Protection in mid May.
On June 2 DM BZ WBK said that KI Chemistry would buy shares in the tender in spite of not achieving the earlier set threshold of 60 percent in Ciech.
