Mediafax (Mediafax)
Czech markets  |  November 30, 2010 12:25:15

NWR bid to take over the Polish Bogdanka ended unsuccessfully (30.11.2010)


Mediafax

PRAGUE (MEDIAFAX) - The mining company New World Resources (NWR) failed with the takeover of the Polish coal mine Bogdanka. NWR failed to convince the holders of at least 75 percent of the issued shares of Polish society and therefore NWR on Tuesday announced that the offer expired.

NWR shares offered for a total purchase price of 857 million euros (about 21 billion). Last week, on Wednesday gave its approval to offer the vast majority of shareholders NWR.

The offer price per share amounted to 100.75 zloty (approximately 621.5 dollars), which is 13 percent more than the closing price of shares as at 4 October this year.

According to the current owners but the price offered is very low, therefore offering at the beginning of last week refused. Management of coal companies by Polish daily Puls Biznesu not see any positive effects Bogdanka profitable sales.

"NWR continues to explore a number of exciting development opportunities in Poland and Ukraine. Our commitment to continue to invest in existing development projects Debiensko Polish Morcinek and remains unchanged. We look forward to working closely with the Polish authorities and partners for future development and expansion of business activities in NWR region, "said chairman Mike Salamon, NWR.

NWR employs more than 2,600 Polish citizens who currently work in the company operations in the Czech Republic.In addition, the company dedicated to two development projects in southern Poland, and Debiensko Morcinek whose implementation ensures Polish subsidiary NWR Karbonia.

NWR is currently invests 25 million euros (about 617.9 million dollars) in the preparation of a development project implementation Debiensko, which continues as planned and which is expected to start construction during 2011. This initial investment is part of 350 to 400 million euros (8.65 to 9,890,000,000 crowns), which intends to NWR in the next five years to open a mine Debiensko invest. By constructing the mine has up to 2,500 new jobs for Polish citizens.

Filip Sušanka, susanka@mediafax.cz

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Nabídka NWR na převzetí polské Bogdanky skončila neúspěšně (30.11.2010)

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