Press Release

White & Case Advises KI Chemistry on Tender Offer for Shares in Ciech S.A.

Global law firm White & Case LLP has advised KI Chemistry s.a.r.l., a subsidiary of Kulczyk Investments S.A., on the acquisition of shares in Ciech S.A.

The transaction was carried out by way of a tender offer announced on March 5, 2014 for 34,781,939 shares in Ciech S.A., a leader in the European chemical market, constituting 66 percent of the group's share capital. As a result of the offer, on June 4, 2014 transactions were concluded for 26,952,052 shares, entitling their holders to exercise approximately 51 percent of voting rights at the group's annual shareholders' meeting. The price offered in the tender was ultimately determined at PLN 31 per Ciech S.A. share, valuing the transaction at approximately PLN 835.5 million (€203 million).

The advice provided by White & Case on this transaction included preparing the necessary tender documentation (including transaction documentation), legal support in acquiring partial financing for the tender and advice on the transaction's compliance with the requirements of the Polish capital market. The Firm also provided legal services related to the procedure by which KI Chemistry obtained permits to concentrate from the appropriate antimonopoly authorities in Poland (the Office of Competition & Consumer Protection), Germany (the Federal Cartel Office) and Ukraine (the Ukrainian Antimonopoly Office).

The White & Case team was led by partner Piotr Szelenbaum (Warsaw) and included Warsaw local partners Daniel Kaczorowski, Maciej Zalewski and Tomasz Ostrowski, counsel Jakub Gubański and associates Aneta Urban, Jacek Polewski and Magdalena Zmysłowska. Hamburg partner Börries Ahrens and associate Lars Petersen also supported the deal.

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