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Successful tender offer. Bogdaka becomes part of Enea.

The receipt of a permit of the President of the Office of Competition and Consumer Protection for the concentration and subscriptions for a relevant number of Bogdanka's shares ended the tender offer published by Enea. The energy group becomes the owner of a total of 66% of the mine's shares, holding the full operational control over it. It is an important event in the Polish business, also because of the fact that one company from WIG20 index takes over another one listed on the same prestigious index of the Warsaw Stock Exchange.


A formal settlement of the tender call will still take a few days, but it is already known that Bogdanka will be incorporated under Enea Group. It will become an entity responsible for fuel supplies to core coal-based sources of power generation held by Enea in Kozienice Power Plant.                                                                

- The takeover of the best Polish mining enterprise in Poland is a good example that a merger of the energy and mining sector may be performed under market conditions. It is beneficial not only for our shareholders, mining sector and energy security of Poland. We are setting a route for building a Polish fuel and energy concern according to the best market standards - emphasises Krzysztof Zamasz, president of Enea.

The concern will pay PLN 67.39 per share to the existing shareholders of Bogdanka. The price includes a profitable bonus in relation to the company's value from before the tender offer and satisfies the fairness requirement. It was confirmed by e.g. the mine's management board and its independent adviser. In consequence, the shareholders rejected the proposal of blocking the transaction by limiting the possibility of exercising voting right (the so called voting cap) and subscribed for the required number of 64.57% of shares already before the expiry of the tender offer.

 - We met Bogdanka's owners and presented the benefits resulting from the realisation of the tender offer under proposed terms. Despite the fact that some of them counted on a higher price or a call for 100% of shares, we convinced them that the offer is a good compromise between our goal and financial capabilities. We also ensured that we are not planning to change the dividend policy of the company. The holders of the remaining 34% of shares will still share profits.  - emphasises Dalida Gepfert, vice-president of Enea for financial affairs.   

Extending the value chain with the mining area, Enea increases its competitiveness and ensures a growth in the company's goodwill. The Group will benefit from synergies resulting e.g. from fuel purchase cost optimisation.

- The situation on the world's coal markets is difficult and is reflected in the condition of the Polish mining sector. Takeover of the control over the company from Lublin minimises our risks related to the uncertainty as regards the future of the mining sector. We are gaining the additional potential, and the coal which we will not use in our power plants will be still supplied by Bogdanka to its existing and future Customers - adds Grzegorz Kinelski, vice-president of Enea for commercial affairs.

The seat of Lubelski Węgiel will stay in Puchaczów, continuing to positively affect the economy of the whole region. The taxes paid by the mine, as so far, will flow into the local budgets. Already during the tender offer, also Bogdanka's employees indicated the benefits flowing from the entry into the modern fuel and energy group.

- The best possible scenario of the company's development is becoming true and that is engagement of a unique investor that Enea is for Bogdanka. Entry into our group is a guarantee of a certain future and further development. It is of a key importance for the employees and contractors of the company, and thus for the whole Lubelskie region, since the mine's condition is directly reflected in the region's economy. Obviously, we will perform all the actions which will enhance the company's efficiency, securing thus also work places - declares Paweł Orlof, vice-president to Enea for corporate affairs.

Enea is a renowned seller, distributor and producer of electricity and heat energy. Lubelski Węgiel Bogdanka, on the other hand, is the most efficient mining company in Poland. Enea is the key customer for the mine's products and Bogdanka is the largest supplier of fuel for the concern. The both companies are listed on the Warsaw Stock Exchange, and their shares are included in the key index of WSE, WIG20.

Having in mind the diverse and international nature of Enea SA's shareholding, and also the provisions of the Best Practices of WSE Listed Companies, Enea SA guarantees the availability of its website also in English. In case of any interpretation doubts and discrepancies between the Polish and English versions, the Polish version shall prevail.