Russia's Acron acquires 13% in Poland's Azoty Tarnow

Publish time: 24th July, 2012      Source:
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July 24, 2012



Russia's Acron acquires 13% in Poland's Azoty Tarnow




Following the acquisition of a 1.2% stake in the company on the market, Russian fertiliser manufacturer Acron drove its stake in the capital of Polish chemical holding Azoty Tarnow to 13.23%, an Acron spokesperson said on Monday (July 23).



The spokesperson did not provide the financial details of the deal. Tarnow traded at PLN44.06 (US$12.7) on the Warsaw stock exchange as of 4.35 p.m. Moscow time.



The company earlier purchased 7.71 million shares, a 12.03% stake in Azoty Tarnow, paying PLN45 (US$13) per share, which translates to a total value of about RUB3.3 billion (US$101 million).



On July 14, shareholders of Azoty Tarnow approved offering extra shares to merge with state-controlled Zaklady Azotowe Pulawy. The integration of the two companies might have prevented Acron from acquiring a stake in Azoty Tarnow, local media reported then.