Bloomberg News

KGHM Board Ends Quadra Buy Discussion, Makes No New Decision

February 14, 2012

Feb. 13 (Bloomberg) -- The supervisory board of KGHM Polska Miedz SA ended the discussion on the Polish sole copper producer’s agreement to buy Canada’s Quadra FNX Mining Ltd., Chairman Jacek Kucinski said.

The board held a second meeting in the last 17 days on C$2.87 billion purchase, which Lubin, southwestern Poland-based KGHM agreed in December, Kucinski said in a phone interview today. The panel didn’t make any new decisions, as planned, he said.

Five of the panel’s 10 members were replaced last month at a shareholders meeting. The previous board approved the Quadra agreement before it was signed on Dec. 6.

The government sought to know more about the purchase, approved before Treasury Minister Mikolaj Budzanowski joined the cabinet, Magdalena Kobos, a spokeswoman for the ministry, said on Jan. 24.

The board will hold the next meeting in mid-March, already after Quadra’s shareholders vote on the takeover on Feb. 20., Kucinski said. The panel will “most probably” discuss the company’s 2012 budget during that meeting.

To contact the reporter on this story: Maciej Martewicz in Warsaw at mmartewicz@bloomberg.net

To contact the editor responsible for this story: Pawel Kozlowski at pkozlowski@bloomberg.net


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