Support The Moscow Times!

Tarnow Gets Tactical

Poland's top chemicals maker, Azoty Tarnow, said Friday that it would seek shareholder backing for a giant share issue as it sets up defenses against a $440 million unsolicited offer by Acron.

Azoty will ask its shareholders, including the Polish state, which holds a 32 percent stake, to give it the option to raise the share capital by up to 75 percent within three years, which would water down existing shareholders.

An extraordinary shareholder meeting for a vote on the plan is scheduled for July 14. Investors will need to register their shares by June 28, a day before Acron's extended bid ends, meaning the Russian bidder will not be able to vote.


… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.


Read more