Poland to defend Grupa Azoty against hostile takeover by Acron
July 10, 2014
Poland's Treasury Ministry is working on different measures to prevent chemicals group Azoty being taken over by Russian Acron, deputy Treasury Minister Rafal Baniak told the parliamentary Treasury Commission on Wednesday.
"The Treasury Ministry is working on different concepts that will allow us to get an upper hand in the process launched by [Acron unit] Norica Holding," Baniak said.
The treasury will not reveal its plans concerning Azoty as it prefers not to provide the Russians with hints on Treasury's future moves, Baniak said.
Acron, through its unit Norica Holding, holds just over 20% in Grupa Azoty.