Pol-Aqua buys steel constructor

The takeover of Mostostal Pomorze, a company specializing in steel constructions, by bourse-listed Pol-Aqua was officially completed earlier this month. The deal is worth some zł.48 million.

The agreement between Pol-Aqua and four major shareholders of Mostostal Pomorze gave Pol-Aqua a nearly 80-percent stake in the firm, and was initially signed at the end of August last year. Józef Popławski, the president of Mostostal Pomorze, retains the remaining shares. Popławski was one of the four shareholders, selling half of his 40-percent stake.

"The agreement foresees that Popławski will sell the rest of his Mostostal shares within three years," said Marek Stefański, the president and main shareholder of Pol-Aqua.

The takeover will be financed with funds obtained during Pol-Aqua's July 2007 debut on the Warsaw Stock Exchange, from which the company obtained some zł.280 million. The company designated some zł.80 million of the IPO proceeds for acquisitions.

"I am happy with the fact that the takeover process of Mostostal Pomorze was so quick," said Stefański. "Pol-Aqua will be able to consolidate the results of Mostostal into its own as early as Q1 2008," he added.

Mostostal specializes in large-scale steel developments and constructions for the oil-processing and petrochemical industries. According to Stefański, the acquisition of Mostostal will help Pol-Aqua to expand its production of steel constructions and enlarge its capacity for petrochemical developments.

"In our capital group we also have Connex, another steel construction company, so the group will probably need restructuring and tidying up," explained Stefański. He added that it is possible that Mostostal Pomorze and Connex could be merged.

"We have begun working on several attractive takeover projects, and in my opinion we will have the opportunity to complete more investments," said Stefański.