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Shareholders in Polish Bogdanka against blocking Enea's takeover bid
October 15, 2015 / 11:25 AM / 2 years ago

Shareholders in Polish Bogdanka against blocking Enea's takeover bid

BOGDANKA, Poland, Oct 15 (Reuters) - Shareholders at Polish coal miner Bogdanka rejected on Thursday a motion that would limit new shareholders rights, in a move signalling they are not willing to block a takeover bid announced earlier by Bogdanka’s main client Enea.

Last month Poland’s third biggest power firm Enea announced its bid to buy a majority stake in Bogdanka, offering 67.39 zlotys per one Bogdanka’s share or 1.48 billion zlotys in total.

In a response, Bogdanka’s supervisory board proposed to limit new shareholders rights in such a way that they would not be able to control more than 10 percent of votes at meetings, irrespective of the size of their stake.

The biggest shareholder in Bogdanka is a pension fund co-owned by Aviva and BZ WBK with a 15 percent stake, ING’s local pension fund with 11 percent and Polish insurer PZU’s pension fund, with nearly 10 percent.

Bogdanka shareholders can sell their shares to Enea between Oct. 2 and 16. (Reporting by Wojciech Zurawski; Writing by Agnieszka Barteczko)

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