FIDEA advises Złomrex S.A. on sale of the Polish distribution business of Cognor S.A. 14 November 2010
In November 2010 companies from Cognor S.A. group signed an agreement with ArcelorMittal based on which Cognor will sell assets accounting for majority of its Polish distribution business for ca. PLN 177.6m.
Assets sold include inter alia machines and equipment, real estate and inventory. Transaction closing is subject to a number of conditions, including positive opinion of the Office of Competition and Consumer Protection, receiving appropriate tax interpretations and making registrations in land and mortgage register.
High valuation premium versus book value of assets received during difficult period in steel sector is a success for Złomrex. The transaction helps Złomrex to redefine its business model in Poland.
FIDEA acted as the sole financial adviser of Złomrex S.A.