Poland's Tauron to take full control of local miner for $102 mln
WARSAW Dec 10 (Reuters) - Poland's second-biggest power producer Tauron will buy 47.5 percent of Poludniowy Koncern Weglowy (PKW) for 310 million zlotys ($102 million) to take full control of the local coal miner, Tauron said on Tuesday.
Tauron had a majority stake in PKW before and has now agreed to buy out the holding of Poland's troubled Kompania Weglowa.
Shares in state-controlled Tauron fell 3 percent in a flat market immediately after the news was released.
State-owned Kompania Weglowa, which is the biggest hard coal producer in the European Union, is suffering from record low coal prices as an economic slowdown has forced clients to cut production.
It is undergoing restructuring process and planning to sell some of its assets. In November Kompania Weglowa signed a leter of intent with coking coal producer JSW to sell one of its mines in the south of Poland.
($1 = 3.0505 Polish zlotys) (Reporting by Agnieszka Barteczko; Editing by Mark Potter)
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