ACCIONA, through its subsidiary ACCIONA Construcción S.A., announced a takeover bid for 49.91% of the shares of the Polish construction company Mostostal Warszawa S.A.
ACCIONA is currently the reference shareholder of the Polish company with 50.09% of its share capital. ACCIONA's takeover bid totals 9,981,267 shares of Mostostal Warszawa held by minority shareholders at a price of PLN 3.45 (US$ 0.91) per share. The amount offered represents a 28.7% premium over the volume weighted average price of the last six months.
The subscription period starts on July 23, 2019, and is expected to end on August 21, 2019. If the takeover bid is successful, ACCIONA plans to delist Mostostal Warszawa from the stock market in order to simplify the group's structure. The company is currently listed on the Warsaw Stock Exchange.
ACCIONA, as reference shareholder of Mostostal Warszawa since 1999, has supported the development and operations of the company. Greater integration within the ACCIONA Group will allow Mostostal Warszawa to strengthen its business strategy and future growth.
Santander Bank Polska-Santander Brokerage Poland has been appointed an agent for the transaction.
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