Finnish company invest in Wroclaw
Finnish utility Fortum said in a statement last Wednesday that it had signed a contract with the city of Wroclaw in Poland to buy a majority stake in the city's district heating company, Miejskie Przedsiebiorstwo Energetyki Cieplnej (MPEC) Wroclaw, for 275 million zlotys, or 70.5 million euros.
Furthermore, Fortum said it would pay an additional 183 million zlotys (46.7 million euros) for minority holdings, should the shareholders accept the offer.
The offer price for each ordinary share is 9.6 zlotys and for each preferred share, 13.6 zlotys.
According to Polish legislation on privatisation, MPEC Wroclaw's employees are entitled to receive 8.6 per cent of the share capital as a consequence of the acquisition.
"Poland is an important market area and we participate actively in the privatisation of its heat sector. Wroclaw is the fourth biggest city in Poland and the acquisition of its heat distribution company is an important step to Fortum," said Timo Karttinen, a Fortum senior vice president.