In December 2010 Złomrex S.A. and  Cognor S.A. signed an agreement with two companies Eff eins Beteiligungsverwaltung GmbH and Eff zwei Beteiligungsverwaltung GmbH to sell 100% of shares in Cognor Stahlhandel GmbH group for EUR 32.7m.

Cognor Stahlhandel GmbH group covers the international part of Cognor’s distribution business in a number of countries in CE region. Transaction is subject to a number of conditions, including purchase of the remaining 25.1% of shares in Cognor Stahlhandel GmbH from voestalpine Stahl GmbH by Złomrex S.A., Złomrex bondholders’ consent solicitation and release of liens by Bank of New York.

In combination with the transaction on the Polish part of Cognor’s distribution business, this transaction enables Złomrex to comprehensively address liquidity issues and to concentrate on high-margin production segment.

FIDEA acted as the sole financial adviser of Złomrex S.A.