19 November 2009 14:09 [Source: ICIS news]
PRAGUE (ICIS news)--Bidders will be given extra time to submit binding offers for the flagship package of Poland's chemical industry privatisation, Polish state company restructuring agency Nafta Polska said on Thursday.
The 19 November deadline would be extended to an as-yet unspecified date, it added.
The move was necessary, the agency said, because some of the six shortlisted potential buyers had requested more time to examine the financial condition and investment strategy of each of the firms in the package.
The package comprises chemical group Ciech, fertilizer, caprolactam and polymer producer Zaklady Azotowe Tarnow (ZAT) and nitrogen fertilizer, plastics and oxo alcohols producer Zaklady Azotowe Kedzierzyn (ZAK).
Wood & Company investment bank analyst Barbara Zaleska said: “Experts suspect investors may also need more time for binding offers due to the companies' poor financial results in the third quarter.”
The Polish treasury ministry, however, said the chemical industry privatisation process would not be postponed or interrupted because of poor results.
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