PGE Polska Grupa Energetyczna has submitted a preliminary, non-binding offer for the purchase of an 82.9% shareholding in Energa S.A. put up for sale by the State Treasury.
This decision is an element in the Group's strategy providing, among other objectives, for considerable acquisitions on the domestic and foreign markets.
In the merger of PGE and ENERGA, we perceive an opportunity for achieving the best possible synergy effects. ENERGA's trade and distribution potential coupled with PGE's generation capacity are complementary to each other. We are also prepared to address possible concerns on the part of the Competition and Consumer Protection Office and hope that our proposals and justifications for them will be respected by the Office, said Mr Tomasz Zadroga, President of PGE Polska Grupa Energetyczna SA.
If PGE is admitted to the next stage of the tendering procedure, it will undergo a thorough due diligence study, whose results will be a basis for further decisions, including a potential decision to submit a binding offer.
It is important for us to support and accelerate ENERGA's further development. We want to be a friendly investor - one who understands the importance of local problems and respects the sensitive nature of social issues. Our objective is to build a strong business group which in the future will be able to compete effectively with Europe's largest players on the energy market, added Mr Zadroga.
Additional information on PGE:
PGE Polska Grupa Energetyczna is the largest power company in Poland and one of the largest such companies in Central and Eastern Europe. Thanks to the combination of its own fuel (lignite) resources, power generation and distribution networks, PGE guarantees a safe and reliable power supply to 5 million households, businesses and institutions. The Company's net power generation amounts to 54 TWh. The installed capacity equals 12.4 GW. The PGE Capital Group has operated under its current structure since 2007. The PGE Capital Group's major areas of activity comprise the mining of lignite and generation of heat and electricity from conventional sources, the wholesale trade of electricity and related products, the retail sales of electricity and heat, the distribution of electricity as well as the generation of electricity from renewable sources. Since 6 November 2009 PGE Polska Grupa Energetyczna S.A. has been one of the largest companies listed on the Warsaw Stock Exchange.
PR Contact Person:
Tel. (22) 340 26 69