Kulczyk gets approval to buy Ciech
Poland’s Office of Competition and Consumer Protection has approved the takeover of chemical company Ciech by KI Chemistry, a unit of Kulczyk Investments, the watchdog said on Friday.
KI Chemistry announced a tender offer for 66 percent in Ciech in early March, offering PLN 29.5 for each of the 34.78 million shares. Subscriptions, initially scheduled to be closed on April 25, were later extended until May 30.
Poland’s State Treasury has said it could sell its 38.72 percent stake in Ciech in the tender offer. However, in early May Treasury Minister Włodzimierz Karpiński said that the offered price does not reflect Ciech’s market value.
