UOKiK suspends proceedings regarding Bogdanka acquisition

The Polish anti-monopoly watchdog UPKiK has suspended proceedings regarding the acquisition of LW Bogdanka private mine by state-controlled Enea. The decision was made on Enea's request. Enea handed in a motion to suspend the proceedings due to a resolution established by Bogdanka's supervisory board, in line with which an extraordinary meeting will be held on October 15. The agenda is to include implementing changes in the company's articles of association. The amendments are to limit the execution of voting rights to 10 percent of Bogdanka's shares. Enea applied to UOKiK for the acquisition of Bogdanka on September 15. On September 14, Enea announced that it wants to buy a 64.6 percent stake in Bogdanka, valuing the stake at PLN 1.48 billion, thus PLN 67.39 a share. Yesterday, on September 15, the state-owned company said that the price offered for the mine is "final." According to Parkiet's sources, the Minister of the State's Treasury agreed that Enea could buy Bogdanka on the condition that it also acquires troubled state-owned mine, Katowicki Holding Węglowy (KHW). In August, Enea unexpectedly terminated its long-term contract with the mine.