Azoty Tarnow approved share issue merge with Pulawy
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Azoty Tarnow approved share issue to merge with Pulawy

9:59 AM, 18th July 2012
Azoty Tarnow approved share issue to merge with Pulawy

TARNOW, POLAND: Azoty Tarnow approved a giant share issue to merge with state-owned rival Zaklady Azotowe Pulawy SA, setting up defences against takeover bids from private competitors. The merger would create Europe’s No 3 nitrogen fertiliser producer, with revenues exceeding 10 billion zlotys ($2.92 billion), at the same time protecting Tarnow from an unsolicited takeover bid from Russian rival Acron.

Led by Poland’s treasury ministry, shareholders granted Tarnow the option to raise its capital by up to 75 per cent by issuing new shares for the shareholders of Pulawy, which would receive 2.5 new Tarnow shares for each share of Pulawy. The share issue, which is to take place in the next six months, comes after Tarnow launched on a cash bid for 32 per cent of Pulawy that also had become a target of a takeover bid from local rival Synthos.

The treasury ministry, which oversees state assets and holds 32 per cent of Tarnow and 51 per cent of Pulawy, said it was opposed to Acron’s bid that ends on 17 July 2012, supporting Tarnow’s planned merger with Pulawy instead. The motion to raise Tarnow capital was also backed by many of the financial investors in the company, which include pension fund ING OFE and state-controlled insurer PZU.

© Reuters News

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