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The Warsaw Voice » Business » June 5, 2014
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KI Chemistry buys 51pct stake in Ciech
June 5, 2014   
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KI Chemistry, an investment vehicle of business mogul Jan Kulczyk, purchased 26.95 million shares in chemicals group Ciech in a tender offer, offer manager DM BZ WBK said in a statement.

The stake constitutes some 51% of all Ciech shares.

Poland sold its full 37.9% stake and will book PLN 619 million from the transaction, the Treasury Ministry said in a statement.

KI Chemistry hiked the price offered to PLN 31 last Thursday.

KI Chemistry had initially placed its bid for just over 34.78 million shares or a 66% stake at PLN 29.5 per share, but had drawn strong signals of resistance from the Polish State Treasury, lead shareholder with a 38.7% stake. Kulczyk had said it will proceed if at least 60% of the firm is tendered, but left the door open to drop that requirement.
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