WARSAW – 16 October 2023 – Greenberg Traurig represented KI Chemistry, a company from the Kulczyk Investments group, in connection with the acquisitions of shares of Ciech S.A. via public invitations for the sale of shares. As a result of the transactions, KI Chemistry's share in the total number of votes at the general meeting of Ciech S.A. exceeded the 95% threshold, which entitles KI Chemistry to carry out, within 3 months from the date of exceeding the threshold, a compulsory buyout of the remaining shares of Ciech.
The acquisition of shares of Ciech S.A. is another element of a long-term strategic financial investment by KI Chemistry. KI Chemistry's intention is to continue to support Ciech S.A. in its existing and planned activities, initiating actions to strengthen its market and financial position by unifying and streamlining corporate governance in processes related to the implementation of strategic decisions. The transaction is a continuation of activities of KI Chemistry, which in March 2023 launched a voluntary tender offer for Ciech S.A. shares. The total value of transactions concerning acquisition of shares in Ciech S.A. by KI Chemistry since April 2023, including in particular the acquisition of shares in the tender offer and public invitations for the sale of shares, amounted to approximately PLN 1.27 billion (approximately EUR 284 million).
Greenberg Traurig provided comprehensive legal advice on every stage of the transaction. The Greenberg Traurig team was led by Rafał Sieński, Partner and Co-Head of the Capital Markets Practice. The team also included Senior Associate Grzegorz Socha and Junior Associate Szymon Świerszcz.
KI Chemistry is a subsidiary of Kulczyk Investments, a private, international investment house with offices in Luxembourg, London and Warsaw, that has been supporting companies in their global growth for 30 years.
Ciech is an international developing chemical group with a strong position on global markets. It is the second largest manufacturer of sodium carbonate and sodium bicarbonate in the European Union, the largest manufacturer of evaporated salt in Poland, the largest supplier of sodium silicates in Europe, the largest Polish manufacturer of plant protection products and a leading producer of polyurethane foams in Poland. Its factories are located in Poland, Germany and Romania and it employs over 3,000 people throughout the EU.
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