12/19/2007

Poland's bathroom-ware maker Cersanit says agrees merger terms with Opoczno

WARSAW (Thomson Financial) - Poland's largest bathroom-ware producer Cersanit has agreed to merge with local ceramic-tile maker Opoczno, in which it owns a 48 pct stake, the company said in a statement.

According to Cersanit, which is controlled by Poland's richest man, Michal Solowow, it will issue up to 1.13 mln zlotys worth of new stock as part of the plan and Opoczno's shareholders will receive four shares in the merged company for every three shares they own.

The bathroom-ware maker said shares in the merged company should start trading in Warsaw by April 30.

Source: By Piotr Skolimowski, forbes.com



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