Solorz family vehicle Argumenol bids 311 million PLN to take ZE PAK private

Tender offer and delisting plan

Argumenol Investment Company, a Cyprus-registered vehicle through which the family foundation established by Zygmunt Solorz controls power group Zespół Elektrowni Pątnów-Adamów-Konin (ZE PAK), announced plans to launch a voluntary buyout offer for all remaining publicly traded shares. Argumenol currently holds 65.96% of the capital and seeks to acquire nearly 17.3 million shares, representing approximately 34.04% of the share capital and voting rights. Following the resolution of family disputes, the Cypriot entity is controlled by Solorz's children, Tobias Solorz, Aleksandra Żak, and Piotr Żak, the latter serving as chief executive officer of both ZE PAK and Cyfrowy Polsat. The tender offer is aimed at taking total control of the Konin-based energy producer and subsequently delisting it from the Warsaw Stock Exchange.

Argumenol outlined the conditions under which it will proceed with taking the company private in its official statement.

The final number of ZE PAK shares acquired by Argumenol will depend on the level of subscriptions submitted by shareholders in response to the tender offer. If Argumenol reaches at least 95% of the total number of votes in ZE PAK, Argumenol intends to conduct a compulsory buyout of the remaining shares (squeeze-out) and take steps necessary to withdraw ZE PAK shares from trading on the Warsaw Stock Exchange.

Shareholder structure and transaction terms

The proposed purchase price is set at 18 PLN per share, representing a 4.2% premium over the closing price of 17.28 PLN on 2 October 2026, when shares dropped 0.23% during Friday trading. At this price level, the total market capitalization of ZE PAK stands at 880 million PLN. Buying out all minority holders will cost Argumenol approximately 311 million PLN, or just under 300 million PLN for the target block. Aside from the controlling family vehicle, the largest remaining equity stakes are held by institutional pension funds. OFE PZU holds 9.12% of the shares, NN OFE holds 8.86%, and PTE Allianz controls 6.87%.

Strategic agreement and regulatory timeline

Before the tender offer can formally begin, ZE PAK and Argumenol must enter into a strategic cooperation agreement. This agreement will establish guidelines for Argumenol to provide financial and strategic advisory services to ZE PAK during the restructuring of its business model. It also governs mutual cooperation regarding the delisting process from the regulated market, corporate governance rules, and confidential information exchange protocols. Transaction organizers, represented by legal counsel Baker McKenzie Krzyżowski i Wspólnicy, expect subscriptions to open around 3 November 2026, depending on the time needed for the Polish Financial Supervision Authority (KNF) to complete its review of the tender documentation.

Coal phaseout and operational restructuring

The delisting initiative coincides with a deep structural shift away from lignite mining and thermal power generation. Most legacy conventional generation assets have already been closed, and remaining mining operations are scheduled to cease completely before the end of 2026. The shift has prompted sizable staff reductions across the group's installations.

Since its stock market debut, the group has decommissioned the vast majority of its historical conventional assets, including the Adamów and Konin power plants and most generation units in Pątnów, where currently only the 474 MW Pątnów II unit remains in operation, relying on capacity market revenues until the end of 2027.

Workforce adjustments have proceeded alongside unit retirements. By the end of June 2026, ZE PAK reduced 504 jobs, with total employment cuts across 2026 projected to reach approximately 700 positions. Argumenol declared that taking the company private is designed to assist ZE PAK as it transitions toward a diversified and sustainable operational setup.