Acron increases stake in Azoty Tarnow to 10.7%
MOSCOW. April 1 (Interfax) - Norica Holding S.a.r.1, a subsidiary of Russian mineral fertilizer producer Acron , has purchased another 1.78 million shares in Polish company Azoty Tarnow worth 1.796% of its charter capital on the over-the-counter (OTC) market, therefore raising the Acron group's stake to 10.7%, the Polish company reported.
The transactions took place on March 26 and 27.
Based on the price of Azoty Tarnow's shares on the Warsaw Stock Exchange at the end of trade on March 27, the market value of the 1.796% stake is approximately $30 million.
Under an offer last July, Acron bought 7.715 million Azoty Tarnow shares, or 12.03% of the Polish company's capital as of that moment. In addition, Acron purchased another 1.2% of shares from the market. In total, Acron shelled out around 380 million Polish zloty, or about $112 million, for 13.2% of Azoty Tarnow's shares.
Acron was ready to buy up to 66% of the voting shares in Azoty Tarnow, a third of the charter capital of which belongs to the Polish government. However, Azoty Tarnow's management and the Polish authorities were against Acron's proposal from the very beginning. In order to protect itself from potential absorption by Acron, the Polish company's management decided to buy its Polish competitor Zaklady Azotowe Pulawy. Azoty Tarnow's shareholders decided to increase charter capital by 75% in order to carry out this purchase. As a result, Acron's share in Azoty Tarnow was 8.91% at the end of 2012.
Azoty Tarnow is one of the largest chemical holding companies in Europe, which specializes in producing constructional plastics, nitrogenous and complex fertilizers, oxo alcohols and plasticizers. It is the fifth largest polyamide producer in Europe, Poland's only polyoxymethylene producer and one of the leading producers of mineral fertilizers in the European Union.
