Kulczyk Investments bids for Ciech
KI Chemistry, a unit of Kulczyk Investments has announced a tender offer for 66 percent of chemical group Ciech, offering PLN 29.5 for each of the 34.78 million shares. The news was announced on Wednesday by brokerage DM BZWBK, the manager of the offer.
The price in the tender is lower than the closing price on the day before the announcement, which stood at PLN 32.81.
Kulczyk Investments plans to finance the purchase from its own funds and from a loan granted by BZ WBK.
The State Treasury, which holds 38.7 percent in Ciech, said that it would analyze KI Chemistry’s offer. Ciech is on the future privatization list, the Treasury Ministry stressed.
