No plans to sell Grupa Azoty shares - Treasury Ministry
June 12, 2014
The Polish government has no intention of selling shares of chemicals conglomerate Grupa Azoty, which it considers a strategic asset, the Treasury Ministry wrote in a press statement.
The comment follows a Wednesday announcement by Grupa Azoty that its minority shareholder, Russian Acron, has increased its holdings in the group above the 20% mark.
Acron, indirectly held by Russian oligarch Viatcheslav Kantor, began to increase its stake in Grupa Azoty's legal predecessor ZA Tarnow following a 2012 PLN 1.87 billion tender offer for a 66% stake. Following the bid, in which Acron bought just over 12%, Acron has gradually increased the stake in the firm.
In response, Poland merged ZA Tarnow with fertilizer producer Pulawy to create the Grupa Azoty chemical conglomerate and shore up the state's holdings.
Following the merger, in March 2013, Poland capped voting rights at what is now Grupa Azoty to 20% for all shareholders other than the State Treasury as well as gave the firm's CEO a tie-breaking vote on the management board.