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The Warsaw Voice » Business » July 6, 2018
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Fighting for Polenergia
July 6, 2018   
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Dominika Kulczyk
State power giant PGE is starting talks with renewable power group Polenergia's minority shareholders, including pension funds Aviva OFE, NN OFE and Generali OFE on Thursday, thus making another step in its efforts to take over Polenergia, the daily Dziennik Gazeta Prawna writes of its own findings.
PGE is mulling hiking the PLN 16.29 price it offered for each of Polenergia's shares as the funds consider it way too low, the daily found out. Polenergia's board will likely publish its statement concerning the bid and specify the fair value on July 10, according to the daily's information.
Polenergia remains a long-term investment and strategic asset for Dominika Kulczyk, who increased her stake in the company to over 50%, according to a press release from Kulczyk Investments. She will thus decline answering to PGE's bid. Dominika Kulczyk currently holds 50.2% shares in Polenergia following taking over the stake from Kulczyk Investments and her brother Sebastian Kulczyk on July 3.
The takeover of Polenergia by Kulczyk is a strategic movement, aimed at making PGE hike the bidding price as the new Polenergia's owner wants to monetize the business as best she can, sources close to PGE tell the daily.
Polenergia was surprised by the bid announcement and views it as an attempt of a hostile takeover, Kulczyk's company insiders retort.
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