Polish consortium mulls acquisition targets other than Anwil

17 April 2009 15:21  [Source: ICIS news]

PRAGUE (ICIS news)--The Polish Chemical Consortium (PKCh) has adjusted its business plan to consider alternative acquisition targets to Anwil, consortium member Zaklady Azotowe Tarnow (ZAT) said on Friday.

The plan outlined how PKCh could be used to acquire companies at home and abroad instead of polyvinyl chloride (PVC) and nitrogen fertilizer producer Anwil, or in addition to Anwil, said Jerzy Marciniak, CEO of the fertilizer, caprolactam and polymer producer ZAT.

The treasury ministry said it hoped to implement the new plan by finding a strategic investor for the three firms that make up PKCh, plus the consortium itself, by the latter half of the year.

Negotiations for the purchase of Anwil from Polish state owner PKN Orlen have proved difficult, with a major problem being the assessment of a fair value for Anwil amid the global economic crisis, according to analysts.

PKCh was initially created as a special purpose vehicle to make a bid specfically for Anwil. The treasury ministry recently said that PKCh would not be permitted to acquire Anwil until it had been privatised itself.

The other two members of PKCh are base chemicals group Ciech and nitrogen fertilizer, plastics and oxo alcohols producer Zaklady Azotowe Kedzierzyn (ZAK).

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By: Will Conroy
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