KI Chemistry buys 51pct stake in Ciech
June 5, 2014
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.