ArcelorMittal and Tauron clash over the sale of Tameh Holding's stake, with conflicting statements regarding the acquisition. Tauron claims ArcelorMittal bought their share, citing issues with Tameh's Czech operations. ArcelorMittal refutes the claim, intending to discuss the situation. The disagreement arises amid bankruptcy proceedings due to unpaid bills by Liberty Ostrava steelworks, impacting Tameh Holding, as per reports in Polish media.
ArcelorMittal and Tauron, a Polish energy company, are embroiled in a disagreement concerning the ownership transfer of Tameh Holding's stake. The discord surfaced after Tauron announced that ArcelorMittal's subsidiary, AM Global Holding, had acquired their 50% stake in Tameh Holding for PLN 598.1 million (€137.38 million) on January 2.
However, ArcelorMittal promptly contradicted Tauron's assertion, denying any purchase of Tauron’s shares in Tameh Holding. The steel giant intends to engage with Tauron to resolve the discrepancy, as stated in their released statement.
Tauron reiterated its claim, citing problems with Tameh Holding's Czech operations, primarily related to non-payment issues by Liberty Ostrava steelworks. The failure to meet obligations led the Czech company to declare bankruptcy in November 2023.
The dispute revolves around the deadlock in approving Tameh Holding's business plan, prompting Tauron to exercise the sale option, allowing them to sell their shares to ArcelorMittal. This decision came amidst Tameh Holding's critical situation caused by non-payments from Liberty Ostrava, affecting dividends and debt settlements.
ArcelorMittal remained firm in its stance, stating that they hadn’t acquired any shares, hinting at a potential resolution through discussions with Tauron. However, further comments regarding the matter were withheld during the ongoing discussions.
Tauron, a significant player in Poland's energy sector, encompasses coal mining, electricity generation, and power distribution, commanding an approximate 8% market share in the country's energy landscape.
The clash between ArcelorMittal and Tauron over the ownership transfer of Tameh Holding's stake remains unresolved. While Tauron asserts that ArcelorMittal acquired their shares citing issues in Tameh's Czech operations, ArcelorMittal denies any such transaction. The disagreement arises amidst financial challenges faced by Tameh Holding due to non-payments by Liberty Ostrava steelworks, leading to bankruptcy proceedings. As both companies intend to engage in discussions to address the discrepancy, the situation reflects the complexities arising in the energy sector's corporate landscape.