Poland extends privatisation deadline to end of Q1 2010

23 November 2009 15:19  [Source: ICIS news]

PRAGUE (ICIS news)--The deadline for the completion of Poland’s privatisation of a flagship package of chemical companies has been extended from the end of this year to the end of the first quarter of 2010, the Polish treasury ministry said on Monday.

The delay was necessary, it said, because some of the six shortlisted bidders had been granted more time to examine the finances and plans of the three companies: Ciech, Zaklady Azotowe Tarnow (ZAT) and Zaklady Azotowe Kedzierzyn (ZAK).

Requests from some bidders for the ministry to consider breaking up the package into assets for separate sales would also be looked at within the extended privatisation phase, the ministry said.

Looking forward to the following round of the chemical industry privatisation process, the ministry said it was greatly concerned by the situation at fertilizer producer Zaklady Chemiczne Police (ZChP), which, amid its fight to remain solvent, risks having its gas supply cut off due to unpaid bills.

The government was set to decide on whether to go ahead with a plan to speed up the ZChP sell-off by offering its shares in a tender rather than negotiating for a strategic investor, the ministry said.

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By: Will Conroy
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