PGE Polska Grupa Energetyczna S.A. buys 25% stake in Iberdrola Renewables Polska Sp. z o.o. from EBRD
No. of the report: 52/2013
Report date: 21.06.2013
Report legal ground: Art. 56 section 5 of Act on Public Offering – information amendments
Contents of the report
The Management Board of PGE Polska Grupa Energetyczna S.A. (“PGE”), in connetion with current report no. 17/2013 dated February 26, 2013, discloses that on June 21, 2013 PGE and Energa Hydro Sp. z o.o. (subsidiary of Energa S.A.) signed a preliminary conditional agreement with European Bank for Reconstruction and Development (“EBRD”) on acquistion of 25% of shares in Iberdrola Renewables Polska Sp. z o.o. from EBRD.
On February 26, 2013 PGE and Energa Hydro Sp. z o.o. signed a conditional agreement on acquisition of 75% of shares in Iberdrola Renewables Polska Sp. z o.o. from Iberdrola Renovables Energia S.A. („Iberdrola”), at the same time informing about the intention to purchase remaining 25% of shares owned by EBRD. Conclusion of an agreement on June 21, 2013 was a result of EBRD’s will to sell its 25% stake, wherein price and payment terms are the same as terms included in above mentioned agreement of February 26, 2013.
PGE earlier obtained approval for concentration from the Office of Competition and Consumer Protection, allowing PGE to acquire wind farms in Poland owned by Iberdrola Renewables Polska Sp. z o.o. (see current report no. 45/2013 dated June 4, 2013).
Legal ground: Art. 56 section 5 of the Act on public offering, conditions governing the introduction of financial instruments to organised trading, and public companies (Dziennik Ustaw of 2009 no 185, item 1439, as amended).