February 24, 2012 / 2:58 PM / 7 years ago

Warsaw Stock Exchange completes power exchange buy

WARSAW, Feb 24 (Reuters) - The Warsaw Stock Exchange completed the 179.4 million zloty ($57.2 million) purchase of a majority stake in Poland’s POLPX power exchange, it said on Friday, a move aimed at pushing into new markets and reducing its dependence on equities.

The acquisition of a 80.3 percent stake from the Polish treasury and several utilities required validation of a change in POLPX’s articles of association, the last hurdle to the deal, after the WSE secured approval from the anti-monopoly office in January.

The WSE said it now controls 82.7 percent of the power exchange and had already signed deals with minor shareholders to purchase a further 7.7 percent stake but was still waiting for them to be comopleted.

The WSE will start trading power futures in the second half of 2012 and aims to play a major role in developing a domestic gas exchange, its chief executive told Reuters in an interview on Monday. ($1 = 3.1381 Polish zlotys) (Reporting by Maciej Onoszko; Editing by Michael Kahn and Jane Baird)

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