REKLAMA

MEAG allowed to take over a stake in EC Bedzin

2000-08-25 00:00
publikacja
2000-08-25 00:00

MEAG allowed to take over a stake in EC Bedzin

The Antimonopoly Office (UOKiK) agreed to the German power concern Mitteldeutsche Energieversorung Aktiengesellschaft's (MEAG) plans to purchase a stake in the Polish power and heating company EC Bedzin that would give it over 50% of voting rights at the company's shareholders meeting. The agreement to sell the 52.5% stake was signed by the state treasury on June 20. The price MEAG paid amounted to PLN 33.9mn (USD 7.9mn), or PLN 20.5 per share, while on that day the market price was just PLN 17.3 per share. However, the sale resulted in the share price of EC Bedzin go down to PLN 13.95 at yesterday's session. Analysts expect that could actually be good news for the German investor, which would be able to increase its stake by buying EC Bedzin's shares from its other shareholders rather cheap. Nearly 13.7% of the shares is held by the construction company Beton Stal, which seems likely to sell its stake to repair its ailing finances, while another 15% of the shares is in the hands of EC Bedzin's employees. Under the current regulations, they will be allowed to sell their shares after Jan. 1, 2001. In the agreement with the treasury, MEAG committed itself to raise EC Bedzin's capital by a maximum amount of PLN 40mn (USD 9.3mn) and invest another PLN 96mn (USD 22.3mn). The investor pledged to maintain the present level of employment for the next five years.

Źródło:IntelliNews Daily
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