Poland to protect its companies from hostile takeovers

Treasury Minister Minister Włodzimierz Karpiski (L), speaks with Minister of Administration and Digitization Andrzej Halicki (2R), Foreign Minister Grzegorz Schetyna (R) and Deputy Prime Minister and Minister of the Economy Janusz Piechocinski. Wednesday 17 December. Photo:PAP/Leszek Szymanski

Treasury Minister Wlodzimierz Karpinski said that the regulation will apply to share purchases in companies seen as strategic in Poland.

He would like it to come into force in the first half of 2015.

Earlier this year, a list of 22 strategic companies was announced by the Treasury Ministry.

The lists include such industrial giants as Grupa Azoty, PKN Orlen and Grupa Lotos, as well as finance sector groups PKO BP and PZU.

In 2012, Poland decided on the consolidation of state-controlled chemical sector companies around Grupa Azoty after a takeover attempt from Russia's Acron.

“The example of the successful defence of Grupa Azoty, supervised by the State Treasury … distinctly showed that we need effective tools for the protection of our market and our interests,” Karpinski said.

“We are preparing a draft regulation that will state that in some cases, the purchase or sale of shares in Polish companies will require the approval of the treasury minister.”

The regulation will be similar to the law in force in such countries as Austria, Germany, the USA and Canada, the minister added. (kw)

Source: PAP