COVID - 19

Anti-Take-Over Law – Draft Of The Anti-Crisis Shield 4.0

Łukasz Rabiak, Lawyer
Cracow, 05.06.2020

As announced by the Government, the Parliament has received a draft of the so called Anti-Crisis Shield 4.0 (draft of the law on interest rate subsidies for bank loans granted to ensure financial liquidity for entrepreneurs affected by the effects of COVID-19 and on the amendment of some other acts) containing provisions aimed at protecting Polish companies against hostile takeovers by foreign entities (outside of EEA).

The Anti-Crisis Shield 4.0 project, in terms of anti-takeover provisions, proposes that the following public companies should be protected by the aforementioned laws, i.e. the companies which:


(1)    had revenues from sales and services in the territory of the Republic of Poland, in any of the two financial years preceding the notification, equivalent to min. 10 million euros, and

(2)    operate, in the Government's assessment, in strategic sectors  (e.g. energy, communications), having significant impact on the construction of Polish GDP, such as:


a.    IT industry providing programs used in the energy, water supply and wastewater treatment, telecommunications (communications), public transport and logistics, cashless payments, data processing as well as hospitals and laboratories, medical devices, and prescription drug sales,
b.    production of chemicals, fertilizers and chemical products,
c.    telecommunications industry,
d.    entities producing medical equipment or producing medicines and other pharmaceutical products,
e.    entrepreneurs from the food sector dealing in the processing of meat, milk, grain, fruits and vegetables.


The protection will impose the obligation to notify the OCCP about the planned subscription for a significant number of shares (at least 20%) in a public company that meets the said criteria. In connection with such notification, OCCP, as the supervisory authority, will initiate verification proceedings.


OCCP's powers to issue, by decision, objection to the acquisition or acquiring of significant participation or acquisition of dominance over the protected entity are extended, including cases of indirect acquisition, where it cannot be determined whether the buyer originates or does not come from the EU / EEA .

For violation of the anti-acquisition laws, a lower fine will be imposed than the one currently applicable by the provisions of the Act of 24th of July, 2015 on control of certain investments and will amount to a maximum of PLN 50 million.



Our lawyers follow the works on new regulations and positions of state authorities on an ongoing basis. We are ready to respond to you enquiries and provide any clarifications. In case of doubts related to the application of the new regulations in connection with COVID-19 and the impact of the state of the epidemic on your business, we remain at your disposal.  

This article is for information purposes only and does not constitute a legal opinion and cannot be regarded as providing legal assistance. The information contained in the article cannot constitute the basis for any liability of the firm or the author of the article towards third parties. The law firm may provide legal advice only after familiarizing itself with the necessary documentation and the specific facts.

Łukasz Rabiak

Łukasz Rabiak


See all publications


Sign up by zawsze być na bieżąco

czytaj więcej...