Pension funds won’t sell Polenergia stock in tender offer

A number of pension funds (Generali OFE, NN OFE, and Aviva OFE) announced that they will not be selling their shares in WSE-listed power utility Polenergia in a tender offer by Dominika Kulczyk and Mansa Investments. The three entities control 19.9 percent of the company’s stake.

The funds deem the PLN 20.5 price tag per share “below the company’s market value.

Back in August, Dominika Kulczyk and Mansa Investments announced a tender offer for 22.63 million shares or a 49.8 percent stake.

Subscriptions in the tender offer will end October 17.