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The Warsaw Voice » Business » June 13, 2014
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Grupa Azoty well protected against hostile takeover - CEO
June 13, 2014   
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Chemicals conglomerate Grupa Azoty enjoys sufficient protection against a potential hostile takeover and plans acquisitions of its own, CEO Pawel Jarczewski said on Thursday.

"Grup Azoty is well protected against a potential hostile takeover, as guaranteed by the current shareholder structure as well as defense mechanisms included in the articles of association," Jarczewski said.

"All of this secures safe realization of the company's strategic goals, leading to the integration and consolidation of the Polish chemical sector in the coming years."

Comments follow a Wednesday announcement by Grupa Azoty's minority shareholder, Russian fertilizer giant Acron, that it has increased its holdings in the group above the 20% mark. The State Treasury, Azoty's leading shareholder, said in turn that it had no intention of selling Azoty shares.

Both Azoty and the State Treasury suspect that Acron may try to instal their representative on the supervisory board of Grupa Azoty after increasing its shareholding.

The Treasury is likely to use some legal means to prevent it or make it harder for Acron, Polish dailies write.

Polish analysts are predominantly positive about potential cooperation between the two firms.
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