Greenberg Traurig has advised KI Chemistry and Ciech on the delisting of Ciech shares from the Warsaw Stock Exchange and the Frankfurter Wertpapierboerse.
According to Greenberg Traurig, Ciech was the first Polish company to be listed simultaneously on these two markets. "The delisting of Ciech from trading on the regulated markets conducted by the Warsaw Stock Exchange and the Frankfurter Wertpapierboerse marks the culmination of transactions initiated by KI Chemistry's announcement of a voluntary call to subscribe for the sale of shares in Ciech (as reported by CEE Legal Matters on May 3, 2023), subsequent invitations to submit offers by shareholders to sell shares in Ciech (as reported on October 20, 2023), and a compulsory buyout of shares in Ciech from minority shareholders, with a total value of almost PLN 1.4 billion." KI Chemistry ultimately became the sole shareholder of Ciech on November 23, 2023, leading to the withdrawal of Ciech shares from the stock exchange listings.
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 for 30 years.
Ciech is a chemical group and, according to Greenberg Traurig, "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.
The Greenberg Traurig team was led by Partner Rafal Sienski and included Senior Associate Grzegorz Socha and Junior Associates Szymon Swierszcz and Kamil Nagawski as well as Berlin-based Partner Josef Hofschroer.
