Węglokoks won't partake in the PGG-KHW merger - Tchórzewski

Coal trader Węglokoks, which has a 25 percent stake in mining group PGG, will not be an equity investor in the KHW-PGG merger, Energy Minister Krzysztof Tchórzewski said. “Weglokoks will not be an investor in this restructuring as it has tasks related to the restructuring of the steel-works segment,” Tchórzewski explained. According to KHW rescue plan, the coal miner wil get a PLN 1 billion capital injection after the merger with PGG. Energy ministry declined to provide the list of potential investors. “I cannot provide such list as not all of them have taken resolutions on the matter,” Tchórzewski said. This is in contrary to what Węglokoks CEO said earlier this week. According to Sławomir Obidziński, coal trader would invest PLN 150 million in PGG after the merger deal goes through.