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The Warsaw Voice » Business » May 16, 2014
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Poland holds out on Ciech dividend
May 16, 2014   
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The Polish government is holding out on a dividend decision for chemicals group Ciech in hopes that the would-be suitor KI Chemistry might review terms of its bid for a majority stake, deputy Treasury Minister Pawel Tamborski said on Thursday.

"The potential dividend is an element of assessment of the price proposal in the bid," Tamborski said following announcement of the second suspension in the Ciech GM that was to vote profit allocation.

"We are waiting for potential moves of the investor," he said.

Ciech shares are currently subject to a PLN 29.5 per share bid by KI Chemistry which seeks a 66% stake, a bid hinging on participation of the State Treasury, which holds 38.7%. The tender offer runs until May 30.

Full profit retention is a condition set by KI chemistry in the ongoing tender offer for Ciech.

Poland's State Treasury has not yet stated its position in the share tender.
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