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Belgian utility giant Electrabel SA agreed Friday, Feb. 21, to pay euro 159.6 million ($172 million) for the 60% it doesn't already own of the Elektrownia Polaniec plant, which produces almost 6% of Poland's electricity, the Treasury Ministry said.
The per-share price was about 25% cheaper than that in April 2000, when Electrabel's parent, Tractebel, gained a 25% stake in the plant for euro 87.5 million, thereby gaining effective control. Its gradual repurchase of shares from the 15% block set aside for Polaniec's employees as part of the privatization agreement brought its shareholding up to about 39%.