Polish Treasury Intends to Keep Grupa Azoty
Poland's treasury ministry does not intend to sell any of its 33% stake in blue-chip chemicals producer Grupa Azoty because it sees the company as a strategic asset.
The ministry clarified its position in a statement issued after Russian-based fertilizers producer Acron announced it had increased its stake in the chemical producer to just above 20%.
In autumn 2013, Acron announced its intention to raise its stake from then 15% to above 20% through a series of transactions outside the regulated market. The share purchases were routed through Luxmebourg-based Norica Holding, ultimately controlled by Acron's owner Viatcheslav Kantor
In summer of last year, Polish prime minister Donald Tusk said the government was successful in defending Azoty against an attempted hostile takeover. As long as the treasury holds at least 20% of shares in the company, no other shareholder may execute rights from more than 20% of shares.
In 2012, Acron also attempted to take over chemical company Azoty Tarnow - now part of Grupa Azoty's capital group.
Grupa Azoty is Europe's second-biggest manufacturer of nitrogenous and multi-component fertilizers; it other crucial products include OXO alcohols and plasticizers and pigments.
