Poland's State Treasury has made a move to secure its rights in chemicals producer Zakłady Azotowe w Tarnowie-Mościcach (Azoty Tarnów). A resolution was passed at the company's extraordinary general meeting, stating that as long as the Treasury holds at least 20 percent in the company, no other shareholder may exercise any more than 20 percent of the votes. The State Treasury currently holds a 45.12 percent stake in the company.

The changes drew official protest from the representative of Norica Holding, a unit of Russian chemical group Acron. The Russian company, which currently holds only 7.78 percent in Azoty Tarnów, is rumored to be looking to increase its stake.

In mid-2012 Acron attempted a hostile takeover of Azoty Tarnów, which proved unsuccessful at the time. Its protests at the meeting, which may suggest that it is still interested in a larger stake in the chemicals producer, were entered into the official minutes of the meeting.

Poland A.M.