Jastrzebska Spolka Weglowa SA, the European Union’s biggest producer of coking coal, fell to a three-week low after Rzeczpospolita reported Poland is working on a plan for JSW to buy Katowicki Holding Weglowy SA.
The shares tumbled as much as 2.8 percent to 91.1 zloty, the lowest level since March 23, and traded 2.4 percent lower at 9:31 a.m. in Warsaw.
The Economy Ministry is working on a plan for JSW to buy Katowicki Holding, Poland’s state-owned coal producer, Rzeczpospolita reported today, without saying where it got the information. JSW has no such plans, Chief Executive Officer Jaroslaw Zagorowski told Bloomberg News by phone. Iwona Dzygala, an Economy Ministry spokeswoman, declined to comment when reached by Bloomberg News by phone.