Ciech plans ZAT, ZAK consortium in Anwil bid

01 October 2008 10:30  [Source: ICIS news]

PRAGUE (ICIS news)--Poland's Ciech hopes to next week announce the creation of a consortium with fertilizer firms ZAT and ZAK in order to lodge a bid for PKN Orlen subsidiary Anwil, the company said on Wednesday.

 

Poland's largest base chemicals supplier, confirmed ZAT (Zaklady Azotowe Tarnow) (ZAT), also a caprolactam and polymers producer, and ZAK (Zaklady Azotowe Kedzierzyn), would be the two consortium partners in the bid for the polyvinyl chloride (PVC) and nitrogen fertilizer firm.

 

The consortium would hopefully be formed on 9 October, said Krzysztof Grad of Ciech.

 

State-controlled entities Ciech, ZAT and ZAK are acting in accordance with recommendations announced by Treasury Minister Aleksander Grad in his new strategy for the consolidation and privatisation of the Polish chemical industry.

 

The strategy also envisages the consortium being sold on to a strategic investor, but the treasury ministry declined to comment on Polish media speculation that investment group Franklin Templeton and India's Tata Chemicals Ltd had contacted it  about buying the consolidated group.

 

Orlen is due to announce its intentions in a revised business strategy to be published around the end of October.

 

Anwil's subsidiaries include Czech PVC and caprolactam producer Spolana.

 

To discuss issues facing the chemicals industry visit ICIS connect

 

By: Will Conroy
+44 20 8652 3214

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