Kulczyk Investments won’t sell Polenergia stake in PGE tender offer

The majority shareholder of WSE-listed renewable energy firm Polenergia, Kulczyk Investments will not be selling its 50.2 percent stake in a tender offer by state-run, WSE-listed power utility PGE. “Polenergia is a long-term investment, thus the Kulczyk family do not intend to answer to the bid placed on the company's shares,” the management board of Kulczyk Investments said. Last week, PGE announced a tender offer for 100 percent stake of Polenerga at PLN 16.29 apiece, below the market price. PGE said that it will go through with the purchase if at least 66 percent stake is tendered.