SGL Carbon calls tender to take majority stake in ZEW

SGL Carbon calls tender to take majority stake in ZEW German company SGL Carbon AG, which owns a 27.92% stake in carbon electrodes producer Zaklad Elektrod Weglowych (ZEW), made a public call for 38.08% of its shares. SGL will control 66% of votes and along with affiliated companies this number will total 75% minus one share. The German company has the green light from the Office for Competition and Consumer Protection (UOKiK) to surpass 50% of shareholder votes. The largest shareholders in ZEW are national investment funds (NFI) No. 9 Kwiatkowskiego and NFI Jupiter, which will probably sell all their stakes. This will guarantee SGL at least 30% of the planned 38% of ZEW. According to analysts the proposed price of the shares (zl. 41 each) may be very tempting for small investors. It is also very probable that the Treasury, which owns a 16% stake, will not react to the call. (Prawo i Gosopdarka, page 1, 12, Puls Biznesu, page 7)