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Poland's Enea eyes takeovers to secure coal supplies -paper

Published 2015-08-12, 02:40 a/m
Poland's Enea eyes takeovers to secure coal supplies -paper
ENAE
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JSW
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LWBP
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WARSAW, Aug 12 (Reuters) - Enea ENAE.WA , Poland's No.3
power producer, is looking for potential takeover targets to
secure a cheaper supply of coal , Chief Executive Krzysztof
Zamasz told Rzeczpospolita newspaper on Wednesday.
Press reports and analysts raised speculation earlier this
year that Enea may buy major coal supplier Bogdanka LWBP.WA ,
whose market value has fallen sharply amid fierce competition
and falling coal prices.
"I would be an extremely irresponsible manager if I was not
looking for the best means to secure an optimal price of coal
purchases for our plants," Zamasz said when asked if Enea was
considering taking over Bogdanka or state-owned miner KHW.
He added that the company is looking for potential
acquisition targets, but that it has made no decisions.
Zamasz said that Enea is not planning to buy a stake in the
Kompania Weglowa as part of the government plan to rescue the
firm from bankruptcy.
Enea uses around 5 million tonnes of coal a year, buying
around 3.6 million tonnes from Bogdanka LWBP.WA on long-term
contracts, and the rest from KHW, JSW JSW.WA and KW.
($1 = 3.7798 zlotys)

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