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Enea potential takeover offer for Bogdanka

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World Coal,

Polish No.3 power group, Enea wants to buy 64.6% of private coal miner Bogdanka, valuing the stake at 1.48 billion zlotys (US$399.7 million) but has not gone into discussions with Bogdanka owners and shareholders Reuters has reported.

The Bogdanka mine is the lowest cost hard coal mine in Poland and is located next door to the Lublin coal project of Prairie Mining Ltd.

Enea has offered 67.39 zlotys per each Bogdanka share.

"Up to date, we have not conducted talks with Bogdanka's biggest shareholders regarding this offer," CEO Krzysztof Zamasz is reported to have stated. "Bogdanka has always been within our interest. Looking at the current market situation, we are the only investor, which can offer such favourable conditions. But it is not that we are desperate to buy Bogdanka."

The biggest private shareholder in Bogdanka, Aviva PTE, a Polish pension fund co-owned by Britain's Aviva and BZ WBK, told Reuters that Enea's offer does not reflect Bogdanka's ‘real value’, (US$1 = 3.7133 zlotys).

Edited from source: Reuters by Harleigh Hobbs

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