Polenergia, an energy unit of Kulczyk Investments, will proceed to acquire an unspecified stake in listed renewable energy firm Polish Energy Partners (PEP) despite failure to obtain the sought minimum of 80%, offer manager ING Securities said in a press statement.

Polenergia had initially vowed to buy PEP shares should 80% of the firm be tendered.

"We expect that the shares tendered will allow us to take control of PEP, which was our strategic goal," Polenergia CEO Dariusz Mioduski said in a press statement.

Polenergia announced a tender offer for 100% in PEP at PLN 31.5 per share on August 10 but raised the price to PLN 33 on September 21.
Subscriptions ran to September 26. PEP closed on Wednesday at PLN 31.