A letter of intent concerning acquisition of controlling block of Anwil’s shares was signed today. Signatories of this document were: Ciech SA, Zakłady Azotowe Kędzierzyn SA (ZAK) and Zakłady Azotowe w Tarnowie-Mościcach S.A. (Azoty Tarnów).
LOI was signed on behalf of these companies by:
Ryszard Kunicki – president of Ciech
Krzysztof Jałosiński – president of ZAK
Jerzy Marciniak – president of Azoty Tarnów
Intentions of signatories can be fulfilled if PKN Orlen SA, the owner of 84,79% of Anwil’s shares decides to sell this block of shares.
Parties appointed the Steering Committee combined of presidents of Ciech, ZAK and Azoty Tarnów. Establishing of Special Purpose Company will be one of its tasks. It will represent LOI signatories while purchasing the block of Anwil’s shares from PKN Orlen. 50% of shares in the special purpose company will belong to Ciech, each 25% - to ZAK and Azoty Tarnów. The companies will be responsible for financing the transaction proportionally to assumed shares.
Partners declare that this investment will engage from 10 to 20% of their own means. The rest will be covered by credits.
An initial checking shows that there is an interest in financing the project from the side of financial institutions.
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press release download:  LOI concerning acquisition of Anwil was signed |
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Ciech Chemical Group is the biggest chemical concern in Poland, and one of the leaders on the Central European market, it brings together over 30 companies, and is one of the 100 biggest economic organizations in Poland. The main products of the Group are: calcined soda (2nd place in Europe), salt, phosphorus and multicomponent fertilizers, epoxy resins and other products of organic chemistry, which are applicable in glass and furniture industry, as well as in building industry and agriculture. With yearly income at the level of circa 3.5 billion PLN, Ciech Chemical Group is one of the 100 biggest enterprises in Poland (49th position in the “500 List” by Polityka and 59 th in the “500 List” by Reczpospolita for the year 2007). Since February 2005 Ciech SA is quoted on the Stock Exchange in Warsaw. The biggest shareholders of the company are: the Treasury (36.68 percent of shares and votes on Annual General Meeting of Shareholders AGM), Pioneer Pekao Investment Management SA (16.77 percent), Otwarty Fundusz Emerytalny PZU "Złota Jesień" (Open Pension Fund – National Insurance Company ”Golden Autumn”) (6.12 percent). Additional information can be found on the following website: www.ciech.com
Contact for the media:
Krzysztof Grad, Spokesman for Ciech Chemical Group, director of Communication Department in Ciech SA,
tel. (+48 22) 639 13 18, mobile 0 669 600 011, e-mail: krzysztof.grad@ciech.com |