16 September 2009 12:01 [Source: ICIS news]
PRAGUE (ICIS news)--Industry and financial investors have lodged preliminary bids for the flagship package of Poland's chemical industry privatisation, state restructuring agency Nafta Polska said on Tuesday.
The number of bids registered before the Monday afternoon deadline “met Nafta's expectations”, the agency said without revealing how many offers were submitted. The privatisation documents were picked up by 31 potential investors, it added.
Before the deadline, PCC said its bid might only target the acquisition of parts of the package, as some of the assets, particularly those owned by Ciech, were of much higher quality than others.
Wood & Company investment bank said: “While some investors are interested in buying all the assets for sale, others are picky.”
Erste bank has estimated that the winning bidder should expect to pay roughly zloty (Zl) 1.7bn ($600m, €410m) for the whole package.
Nafta Polska said it was now compiling a shortlist of bidders, with privatisation sale contracts expected to be signed by mid-December.
($1 = Zl2.85, €1 = Zl4.16)
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