PGE announces tender offer for Kogeneracja shares

WSE-listed power group PGE announced a tender offer for 2.38 mln shares in its cogeneration unit Kogeneracja for PLN 81.8 apiece. After acquiring the Polish assets of EDF, which included Kogeneracja, PGE owned 50 percent plus one share in the cogeneration unit. After the tender, it plans to own 66 percent. “The buyer intends to directly achieve 33.74 percent of the total number of votes at the general meeting, which corresponds to 5 026 868 shares of the company. After the tender offer, the acquirer, together with its subsidiary EDF Investment III B.V., intends to achieve a total of 66 percent of the total number of votes at the general meeting, which corresponds to 9 834 000 shares of the company,” the company said in a market filing. Subscriptions will start on February 21 and end on March 6. Kogeneracja owns of four combined heat and power plants, as well as three district heating networks.