PGNiG withdraws from EDF takeover transaction

WSE-listed gas giant PGNiG's subsidiary PGNIG Termika decided not to take part in the transaction to takeover the Polish assets of French EDF. WSE-listed state-owned power utility will takeover the shares increasing its stake in the buying joint venture to 60 percent, from initial 30 percent. The remainder of the shares will be split evenly between two other state-run power utilities Enea and Energa. The change is subject to approval by EDF. EDF' Polish assets include four power plants – at Kraków, Gdańsk, Gdynia and Toruń, as well as heat distribution networks in Toruń, the Rybnik Power Plant and the acquisition of all shares of EDF ZEC Cogeneration. Polish energy minister Krzysztof Tchórzewski, said that it was too early to talk about whether and how to split EDF assets between the Polish companies. He added that other investors, like the Australian fund IFM, which had previously been interested in EDF cogeneration plants, could join the Polish consortium after the deal is concluded.