Source: Warsaw Stock Exchange
The application concerning the take-over of control of the Polish Power Exchange (Towarowa Giełda Energii) by the Warsaw Stock Exchange was filed with the Office of Competition and Consumer Protection (UOKiK) in October 2011.
Under the applicable legislation, a transaction must be notified to the anti-monopoly office if it involves two enterprises whose aggregate turnover in the preceding year exceeded EUR 1 billion globally or EUR 50 million in Poland.
"The procedure completed by the Office indicates that the transaction will not result in a significant limitation of competition on the market of services facilitating wholesale trade in electricity," said the Office in the justification of its decision.
"The Exchange Supervisory Board on request of the Management Board approved yesterday extension of the WSE Group strategy by addition of new projects which will be groundbreaking for the development of the market. The commodity market development strategy becomes an important part of our business; in addition to the implementation of the new trading system for the capital market and other projects, it is one of the main tasks ahead in 2012. In the context of the Office's decision, I am glad that we can implement it smoothly," said Mr Ludwik Sobolewski, President of the Management Board of the Warsaw Stock Exchange.