Poland’s Development Ministry may soon announce its decision to seize Acron’s stake in Warsaw-listed chemicals producer Grupa Azoty, according to a Bloomberg report citing Puls Biznesu newspaper reports, which did not cite a source.
Puls said a potential decision of putting the stake under compulsory administration, following Russia’s invasion of Ukraine last year, would deprive Acron of executing voting rights at Azoty’s shareholder meeting. A trustee would vote instead.
Puls said Acron did not have a comment, while Polish Development Ministry told the paper it is not confirming the information, adding that any decisions would be announced in a due time
Acron, controlled by Russian oligarch Moshe Kantor, holds a 19.82% stake in Azoty, or has 19.66 million shares, according to data compiled by Bloomberg.