Polish flooring company Zaklady Lentex's decision to disclose its share swap agreement with Hungarian peer Graboplast could bring an end to the two companies' cooperation, Graboplast said on Friday.
Lentex disclosed the deal, together with its conditions, and at the same time it agreed to purchase an 85% state-owned stake in Polish flooring maker Gamrat, and to make a large investment into Gamrat's non-flooring activities which is contrary to Grabosplast's interests, Graboplast said.
Graboplast signed a declaration of intent on the share swap in November. After the swap, the two companies were to have established a joint venture, majority-owned by Graboplast but based in Lubliniec (S Poland). The JV's shares were to have been floated on the Warsaw Stock Exchange.
Graboplast has advised shareholders not to continue the transaction which was to have been closed in March 2011. (MTI-Econews)