Poland aims to increase stake in KGHM without tender offer
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Treasury Minister Dawid Jackiewicz announced that Poland may increase its stake in Polish copper and silver mining giant KGHM in the future, but would like to avoid a tender offer once it surpasses a 33 percent stake.
"We will not reduce our stake in KGHM, but we do not exclude increasing it. This will not happen in the coming months as KGHM has its difficulties and we are now occupied with slavaging spending already borne on KGHM's foreign investments," the minister said during the Krynica economic forum.
According to the official, a tender offer for 66 percent could surpass Poland's financial capabilities.
"Increasing the stake in KGHM is possible in order to avoid in the future any attempt of a hostile takeover," Jackiewicz emphasized.
KGHM, which is based in Lublin, is one of the largest producers of copper and silver in the world. In 2015, KGHM’s revenue amounted to PLN 20 billion. Currently, Poland holds a 31.79 percent stake in KGHM.
