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Poland: Shareholders back Enea’s $400 million Bogdanka buy

By  |  October 18, 2015

Enea SA moved closer to completing its 1.48 billion-zloty ($400 million) purchase of Poland’s biggest privately-owned coal miner when shareholders of Lubelski Wegiel Bogdanka SA overwhelmingly agreed to sell the company.

Poland’s 4th-biggest utility said more than 64.57 percent of Bogdanka owners responded to its public bid, exceeding the 50 percent threshold needed to make the transaction valid. Enea now needs antitrust approval to complete the acquisition of its largest coal supplier. Bogdanka’s shares dropped 3.9 percent to 59.85 zloty at 4:36 p.m. in Warsaw, set for the biggest decline since Sept. 30 and compared with Enea’s 67.39 zloty offer.

Full content: Bloomberg

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