Pfleiderer Grajewo closer to take parent company over

Polish chipboard maker Pfleiderer Grajewo has signed a conditional deal with Atlantik, the owner of Pfleiderer GmbH to acquire the one and only stake in the parent company. The stake is worth €30 million and translates to 100 percent of Pfleiderer GmbH's equity capital and the votes at the general meeting. In order to acquire its parent company, Grajewo needs to raise funds, that is why it will issue 40 million new shares and possibly existing shares owned by Atlantik. The offer is to reach some PLN 920 million. Grajewo said it plans to finalize the transaction by the end of 2015. Under the new ownership structure, Grajewo would be dominated by Polish investors, mainly investment and pension funds, effectively ending German control.The annual sales revenue of the integrated company may reach over €1 billion.