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.