Greenberg Traurig has advised KI Chemistry on its acquisition of Ciech shares under a voluntary tender sale offer. Gide advised KI Chemistry on the financing.
KI Chemistry is part of the Kulczyk Investments group, an international investment company.
According to Greenberg Traurig, Ciech is an international chemical group and 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 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.
“The acquisition of shares under the tender offer is part of a long-term strategic financial investment by KI Chemistry,” Greenberg Traurig announced. “It is KI Chemistry's intention to continue to support Ciech in its current and planned business activities, and to take steps to strengthen its market and financial position by way of establishing uniform and efficient corporate governance in processes related to the implementation of strategic decisions.”
Greenberg Traurig’s team in Poland included Partner Rafal Sienski, Senior Associate Michal Baldowski, Associate Lukasz Chmura, and Junior Associate Szymon Swierszcz.
Gide’s team included Partner Dariusz Tokarczuk, Of Counsel Marta Karminska, Counsel Dawid Van Kedzierski, and Associate Pawel Wasiel.
Greenberg Traurig was unable to disclose additional information on the deal. Gide did not respond to our inquiry on the matter.
Editor's Note: In June 2023, Greenberg Traurig announced that the share acquisition had closed successfully. According to the firm, "as a result of the transaction, KI Chemistry acquired shares in Ciech S.A., representing 11.78% of the company's share capital, thereby increasing its stake in the chemical company from the previous 58.22% to around 70%. The value of the transaction and the acquired shares amounted to nearly PLN 337 million."
