Polish Chemical Consortium rules out Anwil purchase

20 November 2009 15:53  [Source: ICIS news]

PRAGUE (ICIS news)--The Polish Chemical Consortium (PKCh) has completely ruled out purchasing polyvinyl chloride (PVC) and fertilizer maker Anwil from PKN Orlen, it said on Friday.

PKCh did not give a reason but analysts said it was possible that the treasury ministry had decided to leave the decision on whether to bid for Anwil to the investor that buys the consortium members, which are being offered in an ongoing privatisation.

The three PKCh members — Ciech, Zaklady Azotowe Tarnow (ZAT) and Zaklady Azotowe Kedzierzyn (ZAK) — are to be sold as one package or separately in a sell-off that the treasury ministry now expects to be concluded very early next year.

State-controlled Orlen has decided to sell Anwil to raise cash to counter its rising debts and build up its core refining, fuel retail and petrochemical businesses.

PKCh had previously ruled out purchasing Anwil this year.

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By: Will Conroy
+44 20 8652 3214

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