The Russian company Gazprom has withdrawn its tender offer for EuRoPol Gaz, Polskie Górnictwo Naftowe i Gazownictwo (PGNiG) announced on Tuesday. The tender offer concerned, inter alia, the payment of dividends from profits. The accumulated profit of EuRoPol Gaz from previous years, possible to be allocated towards dividends for shareholders, amounts to PLN 1.74 billion.
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As PGNiG informed, it received information from the arbitration at the Chamber of Commerce in Stockholm that the proceedings initiated by Gazprom were discontinued, as a result of the withdrawal of the call for arbitration by the Russian company.
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Gazprom’s call, submitted on February 2, 2022, concerned the alleged violation of the rights of the Russian company as a shareholder to receive dividends from EuRoPol Gaz’s profits. The second point concerned the alleged violation of the rights resulting from the corporate governance rules of Gazprom and members of the management board of EuRoPol Gaz appointed by Gazprom.
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The second defendant in Gazprom’s tender offer is EuRoPol Gaz. The Polish company responded that the demands in Gazprom’s tender offer were completely unfounded.
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About companies
EuRoPol Gaz owns the Polish section of the Yamal gas pipeline. PGNiG owns, directly and indirectly, through its subsidiary Gas-Trading, 51.18 percent. shares in the share capital of EuRoPol Gaz, and 48.82%. shares are owned by Gazprom. The accumulated profit of EuRoPol Gaz from previous years, which can be allocated to dividends for shareholders, amounts to PLN 1.74 billion, informed PGNiG.
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Polskie Górnictwo Naftowe i Gazownictwo is a listed company, engaged in the exploration and production of natural gas and crude oil, gas imports, and, through key companies, storage, sale and distribution of gaseous and liquid fuels and the production of heat and electricity. In Poland, PGNiG is the largest importer and supplier of natural gas.
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photo-source">Main photo source: EPA/MAXIM SHIPENKOV
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