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Tauron PE SATauron energy summons AM Global Holding to arbitration over Tameh Holding
Listed power utility Tauron has summoned AM Global Holding, ArcelorMittal Poland (AMP) and ArcelorMittal Long Products Europe Holding (AMLP) to ad hoc arbitration to resolve a dispute over AM Global Holding's failure to pay the sale price for the shares held by Tauron in Tameh Holding, Tauron said in a market filing.
The value of the subject matter of the dispute is PLN 598.1 million (EUR 139.6 mln), with AMP and AMLP jointly liable with the leading shareholder, AM Global Holding, for the payment of this amount.
The arbitration will be conducted in accordance with the rules set out in the United Nations Commission on International Trade Law (UNCITRAL) Arbitration Rules 2021 by an ad hoc arbitral tribunal.
On January 3, 2024, Tauron said that by the end of December 2023, one of the prerequisites stated in the shareholders' agreement for Tameh Holding had come into force, allowing Tauron to take advantage of the purchase offer made to it in the shareholders' agreement of August 11, 2014, between the Tauron Group companies and the ArcelorMittal Group companies.
Tauron then left a statement at the headquarters of the ArcelorMittal Group's lead shareholder, AM Global Holding (AMGH), stating that the company had accepted AMGH's offer to buy all of the Polish company's shares in Tameh Holding for PLN 598.1 million (EUR 139.6 mln).
ArcelorMittal has later said that it rejects Tauron's move and has not acquired any stake in Tameh from the company.
"ArcelorMittal disagrees with Tauron Polska Energia S.A.'s statement," the company said on January 4, 2024.
"ArcelorMittal has not acquired any stake from Tauron Polska Energia S.A. in Tameh Holding, (...) intends to contact Tauron to discuss the situation," it added.
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