Poland could buy back Acron’s stake in Azoty – deputy CEO

WSE-listed, state-owned chemicals firm Grupa Azoty believes that the state-run investment vehicle PFR might buy back the stake in Azoty owned by Russian Acron. “If there is such an opportunity, and we have to think about it in terms of seizing an opportunity, it could be considered,” Grupa Azoty Deputy CEO Witold Szczypiński said. Acron, through its subsidiaries, controls 19.47 percent of Grupa Azoty. In the past, it tried to unsuccessfully increase it, but its attempts, at times considered a hostile takeover were stopped by the Polish government, who sees the company as of “strategic importance” to Polish economy. Back in 2016, it sold a small stake, raising questions over its longer-term plans. “Currently we do not see a significant impact of this shareholder which would put the current shareholder structure in question,” Szczypiński added. Acron stake is valued at some PLN 1.5 billion.