Polimex-Mostostal to acquire seven subsidiaries

2010-07-20

On 12 July 2010, the Extraordinary General Shareholders Meeting of the construction company Polimex-Mostostal passed a resolution on the merger of the company with seven subsidiary undertakings (Energomontaz-Polnoc, Naftoremont, Zaklady Remontowe Energetyki Krakow, Zaklady Remontowe Energetyki Lublin, EPE-Rybnik, ECeRemont and Naftobudowa). The merger will be carried out in two separate processes: the first six companies will be acquired in line with the first merger plan, while Naftobudowa will be acquired upon the implementation of the second merger plan approved by the Extraordinary General Shareholders Meeting.
At the request of Pioneer Pekao Investment Management, which controls 9.17% of the company's share capital, Energomontaz-Polnoc shareholders will receive 3.62 Polimex shares for each EP share, although the previous exchange ratio was 3.81. In total, shareholders in the target companies will receive almost 56.6m shares with the value of PLN 263m (€63.6m), i.e. 1.6m fewer than the group's management originally expected.

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