Greenberg Traurig has advised KI Chemistry on further acquisitions of shares in Ciech to reach over 95% of voting rights in the company.
KI Chemistry is part of the Kulczyk Investments group, a private, international investment house with offices in Luxembourg, London, and Warsaw.
Ciech is an international chemical group. Its factories are located in Poland, Germany, and Romania and it employs over 3,000 people throughout the EU.
According to Greenberg Traurig, “as a result of the transactions, KI Chemistry's share in the total number of votes at the general meeting of Ciech exceeded the 95% threshold, which entitles KI Chemistry to carry out, within three months from the date of exceeding the threshold, a compulsory buyout of the remaining shares of Ciech.”
The firm reports that “the acquisition of shares of Ciech is another element of a long-term strategic financial investment by KI Chemistry. KI Chemistry's intention is to continue to support Ciech 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 total value of transactions concerning the acquisition of shares in Ciech by KI Chemistry since April 2023 amounted to approximately PLN 1.27 billion – approximately EUR 284 million. Greenberg Traurig also advised on those earlier acquisitions (as reported by CEE Legal Matters on May 3, 2023).
The Greenberg Traurig team included Partner Rafal Sienski, Senior Associate Grzegorz Socha, and Junior Associate Szymon Swierszcz.
Greenberg Traurig did not respond to our inquiry on the matter.
Editor's Note: After this article was published, Greenberg Traurig announced on November 23, 2023, that KI Chemistry completed the compulsory buyout of the remaining shares of Ciech, making it the sole shareholder of the company.