Generali Won’t Accept Polenergia Bid for PEP, Parkiet Reports

Generali OFE, the largest shareholder of Polish Energy Partners SA (PEP), said Polenergia Holding SA’s bid price for the renewable energy producer is “unsatisfactory,” Parkiet reported, citing Chief Investment Officer Rafal Markiewicz.

Polenergia, owned by the Polish billionaire Jan Kulczyk, offered 31.5 zloty per share for PEP on Aug. 10. The price “does not reflect the fundamental value of the company” and doesn’t offer “premium for taking over the firm operating on a prospective market,” Markiewicz told Parkiet.

Generali holds 19.9 percent of PEP shares.

To contact the editor responsible for this story: Marta Waldoch at mwaldoch@bloomberg.net

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