Russian fertiliser maker Acron wants 20 pct of Poland's Azoty
MOSCOW Oct 28 (Reuters) - Russian mineral fertiliser producer Acron wants to increase its stake in Polish rival Grupa Azoty to just over 20 percent from 15.3 percent if the share price falls to an attractive level, Acron's chairman said on Monday.
Acron has been steadily increasing its stake in state-controlled Grupa Azoty, Europe's No. 3 nitrogen fertiliser producer, since its bid to take over the company was blocked by the Polish government last year.
"At the moment Azoty is expensive, so it's probably not worth buying at this price, but if the price falls then we'll definitely increase our stake and our goal is a bit over 20 percent," Chairman Alexander Popov told journalists at a conference in Moscow.
"This would enable us to appoint a representative to the supervisory board and access company documents," he said.
Acron, which offered Grupa Azoty a strategic alliance in April, would increase its stake on the open market, Popov added. Azoty's Warsaw-listed shares are currently trading at a five-month high.
Popov declined to name at what price Acron would consider increasing its Azoty stake.
Azoty's market capitalisation of $2.76 billion is more than twice that of Acron, which holds its stake in Azoty through a subsidiary called Norica Holding. (Reporting by Viktoria Andreeva; writing by Alessandra Prentice, editing by Jason Bush and Mark Potter)
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