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PannUnion management approves PPO

The management of plastic company PannUnion has approved PannErgy's sale of a 95.3% stake in the company through a public purchase offer at HUF 210.32 per share, PannUnion announced on Tuesday evening.

PannUnion's management approved the transaction following an independent assessment from consultancy RSM DTM Hungary Tax and Financial Advisory Services.

Pannunity called the PPO. The latter company is a special purchase vehicle owned by a company registered in Luxembourg indirectly controlled by investment funds managed by affiliates of Sun Capital Partners, a US-base private investment firm.

PannErgy, formerly called Pannonplast, announced plans in 2007 to change its profile to focus on geothermal energy projects. It spun off its plastic businesses into PannUnion, which is a B-category issuer at the Budapest Stock Exchange. (HUF 100 = €0.3748)