Acron extends $434 million bid for Azoty Tarnow

5:08 AM, 3rd July 2012

MOSCOW, RUSSIA: Acron has extended its 1.5 billion zloty ($434 million) bid for Polish rival Azoty Tarnow for a third time. Tarnow and Poland’s treasury, which holds 32 per cent stake of the company, are against the bid as the sale to Russian group would be a sensitive issue given historical tensions over the two countries.

While Poland is seeking to raise 15 billion zlotys ($4340 million) through asset sales by end-2013, it has set up defences against Acron. Earlier in the month, Tarnow said it would seek shareholder backing for a share issue as a poison pill to choke the offer. An extraordinary shareholder meeting that will vote on the plan was scheduled for July 14. Investors will need to register their shares until June 28, a day before Acron’s unsolicited bid was previously set to end, meaning the Russian bidder would not be able to vote.

0 Comments

Your Comments (Up to 2000 characters)

Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Submit

DANBURY, US: Praxair Canada Inc, a subsidiary of Praxair, has acquired Canadian Cylinder & Gases Inc (CCG), an independent distributor of industri ...

PPG, Hi-Temp Coatings form JV for coating technology

PITTSBURGH, US: PPG Industries’ protective and marine coatings business has signed a global distribution agreement with Hi-Temp Coatings Technol ...

Synthomer builds technical centre in China

HARLOW, UK/SHANGHAI, CHINA: Synthomer started to build a technical centre for the Chinese market. The 1300 square metre facility will be situated in Z ...

Linde acquires Lincare, doubles sales in North American gas division

MUNICH, GERMANY: The Linde Group has entered into a definitive agreement for the acquisition of Lincare Holdings Inc, a US-based homecare health compa ...

Saudi Aramco to sell Vela marine unit to Bahri

RABIGH, SAUDI ARABIA: State oil giant Saudi Aramco has signed an agreement to sell its Vela marine unit to Saudi National Shipping Co (Bahri) for $1.3 ...

BASF to start menthol production at Ludwigshafen