WARSAW – 6 March 2024 – Greenberg Traurig represented KI Chemistry and Ciech S.A. in connection with the delisting of Ciech S.A. from the Warsaw Stock Exchange as well as the Frankfurter Wertpapierbörse, Europe’s third largest stock exchange. Ciech S.A. was the first Polish company to be listed simultaneously on these two markets.
The delisting of Ciech S.A. from trading on the regulated markets conducted by the Warsaw Stock Exchange and the Frankfurter Wertpapierbörse marks the culmination of transactions initiated by KI Chemistry's announcement of a voluntary call to subscribe for the sale of shares in Ciech S.A., subsequent invitations to submit offers by shareholders to sell shares in Ciech S.A. and a compulsory buyout of shares in Ciech S.A. from minority shareholders, with a total value of almost PLN 1.4 billion.
As a result of the above actions, KI Chemistry successively increased its equity interest in Ciech S.A., ultimately obtaining the status of the sole shareholder of Ciech S.A. and leading to the withdrawal of Ciech S.A. shares from the stock exchange listings.
Greenberg Traurig provided comprehensive legal advice on every stage of the transaction, which included advising Ciech S.A. in the delisting of Ciech S.A. shares from the regulated markets in Poland and Germany. 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 Associates Szymon Świerszcz and Kamil Nagawski. Josef Hofschroer, Partner in the Greenberg Traurig’s Berlin office, advised on German law aspects of the transaction.
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.
Greenberg Traurig LLP
Greenberg Traurig, LLP is a global, multi-practice law firm with approximately 2750 attorneys serving clients from 47 offices in the United States, Latin America, Europe, Asia, and the Middle East.
GREENBERG TRAURIG Nowakowska-Zimoch Wysokiński sp.k. was named the 2021 Poland Firm of the Year at the highly esteemed Euromoney Legal Media Group “Women in Business Law Awards 2021 Europe” and the 2021, 2019, 2018 Law Firm of the Year in Poland by International Financial Law Review (IFLR). The Warsaw office of Greenberg Traurig, LLP provides legal services to clients in Central Europe and beyond and consists of approximately 100 lawyers. Team members are regularly recognized as leaders in numerous practice areas. Chambers Global, Chambers Europe, IFLR1000 and EMEA Legal 500 consistently rank them among the top tiers the areas of Corporate/M&A, Capital Markets, Real Estate, Private Equity, Tax, Banking and Finance, Project Finance, Energy, Dispute Resolution, TMT and Competition/Antitrust.
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