Government wants to protect firms affected by lockdown from cheap takeover
Deputy PM Jadwiga Emilewicz announced on Tuesday the government would present a set of proposals later this week that would protect Polish companies struck by the coronavirus lockdown from being taken over on the cheap by private equity funds. "This is also taking care that Polish companies, which have been built laboriously for 30 years, do not become a cheap target in this difficult situation," Emilewicz told a press conference.
Poland's government plans to protect its companies, which have been hit by the coronavirus outbreak, from being taken over cheaply by private equity funds, Deputy Prime Minister Jadwiga Emilewicz said on Tuesday. Details of the new proposals designed to help companies survive the economic crisis driven by mandatory lockdowns to curb the spread of the virus, will be presented by Friday, she added. The proposals will add to a 330-billion zlotys ($78.9 billion) rescue package the government announced in March. "This is also taking care that Polish companies, which have been built laboriously for 30 years, do not become a cheap target in this difficult situation," Emilewicz told a press conference. "We do not want foreign funds to reach easily for companies with Polish capital, because their valuation is very low," the minister also said. She added that the government may expand its list of companies that it deems strategic and which cannot be sold without its consent. The list currently includes energy groups among others. "Indeed, we observe an increased interest of private equity funds in 'supporting' family companies, which have found themselves on the verge of collapse due to (the) coronavirus epidemic," Igor Klaja, the founder and Chief Executive of Polish sports wear brand 4F said in an e-mailed response to Reuters.
Źródło: TVN24 News in English, Reuters
Źródło zdjęcia głównego: TVN24