Within the PGE Capital Group's consolidation programme and the introduction of a new business model, PGE Electra S.A. will be incorporated into the corporate centre of PGE S.A. as a strategic business unit. On 20 October 2010 the Management Boards adopted a plan for the merger of both companies.
The merger will be effected by way of transferring all of PGE Electra's assets to PGE SA (merger by acquisition), without any increase in PGE's share capital and without any exchange of PGE Electra shares for shares in PGE.
- This merger is quite a natural process. The incorporation of PGE Electra S.A. into the Group's Corporate Centre, which is PGE S.A., will allow us to avoid an internal competition and will contribute to an increase in value of the whole group, said Tomasz Zadroga, President of the Management Board of PGE Polska Grupa Energetyczna S.A. - The merger of the companies will not exert an influence upon their current operating activities related to power supplies to customers, added Tomasz Zadroga.
PGE Electra SA is a wholesale trade company within PGE Capital Group. Within PGE Group, the Company deals with the wholesale trade of electricity and related products (e.g. property rights resulting from renewable generation, emission allowances). It is also a company executing transactions with the entities from outside the Group. From the merger registration, all the competences of PGE Electra S.A. will be taken over by PGE S.A., which fulfils the role of the Corporate Centre of the PGE Capital Group. .