FIDEA advises companies which have been affected by losses from derivative transactions and hints that the Government establish special fund which will help systematically resolve financial problems of companies and banks connected with this issue
Companies that entered into unfavourable options should not wait passively. Financial loss can be minimized by such measures as i.a.: adjusting delivery date of contracts, optimal choice of financial instrument eliminating currency risk, agreeing a longer debt repayment schedule, partial write-off of financial indebtness, debt to equity swaps or negotiating particular financial terms with banks. Ministry of Economy should consider launching a special fund aiming at refinancing of losses transpiring from options – FIDEA Corporate Finance experts suggest.
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FIDEA helps ERBUD close derivative transactions limiting growing loss
On 21 November, 2008 ERBUD closed all outstanding derivative transactions with Bank Millennium suffering a total loss of PLN 47.450.000.
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KOFOLA-HOOP S.A. gains new shareholder – Polish Enterprise Fund
On 29 September, 2008 two shareholder-founders of HOOP S.A. (currently KOFOLA-HOOP S.A.), Dariusz Wojdyga and Marek Jutkiewicz, on one side and Polish Enterprise Fund VI (PEF) on the other, entered into a binding agreement based on which PEF will acquire, through a public tender offer, their shares constituting almost 30% of the share capital of KOFOLA-HOOP S.A.
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Kotlin and Elbro to enter Agros Nova capital group
On August 21st, 2008, Agros Nova, one of the leading Polish companies specialising in fruit and vegetable processing, signed an agreement to purchase two domestic companies operating in the food sector: Kotlin and Elbro from the Norwegian conglomerate Orkla Brands International.
EGM of Hoop S.A. approves merger with Kofola Group
On the 31st of March 2008 Exceptional General Meeting of Hoop S.A. approved the merger between Hoop and Kofola SPV Sp. z o.o., the owner of 100% shares of Kofola Holding a.s.
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Polkomtel acquired stake in Liberty
Polkomtel S.A. (“Polkomtel”) and Telera Holding B.V., concluded a contract on the 6th of March, on the acquisition of a 38.42% interest in Liberty Poland S.A. (“Liberty”) by Polkomtel S.A. The transaction is connected with an exit of Innova 98/L.P. fund from its investment in Liberty. Innova 98/L.P. is managed by Innova Capital (“Innova Capital”). As a result, Telera Holding B.V. and Polkomtel S.A. will jointly control 100% of Liberty shares.
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FIDEA – Nr 1 Financial Advisor in Poland in 2007
According to Forbes magazine, FIDEA was number one advisor for mergers and acquisitions in Poland in 2007. This was the record year for mergers and acquisitions in Poland. The transactions value reached almost PLN 40 billion.
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“Changes in businesses of the richest” – Forbes 01/2008
In the 01/2008 issue of Forbes magazine there is an article “Changes in businesses of the richest” describing changes that took place in the richest Poles’ portfolios in 2007. From transactions where FIDEA acted as advisor merger of Kofola and Hoop, sale of Ultra Pack and acquisition of Voestalpine Stalhandel by Złomrex were mentioned. Marek Dojnow, Managing Partner at FIDEA, commented on the last mentioned transaction:
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“Match of Poles” – Forbes 01/2008
In its 01/2008 issue in the article “Match of Poles” Forbes magazine describe the M&A market in 2007. One of the commentators on the situation on the market is Marek Dojnow, partner at FIDEA:
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