15 February 2010 18:01 [Source: ICIS news]
PRAGUE (ICIS news)--Poland's PKN Orlen could scrap its sale of polyvinyl chloride (PVC) and nitrogen fertilizer producer Anwil, because the bids for its subsidiary have been too low, a source at the company said on Monday.
The investor relations source confirmed that the widespread speculation in the Polish press was correct and said Orlen could abandon the process in favour of attempting to sell Anwil via a flotation on the Warsaw Stock Exchange.
State-controlled Orlen said it had shortlisted three bidders for the company, although the only declared bidder was Polish fertilizer producer Zaklady Azotowe Pulawy (ZAP), which is another company majority-held by the state.
Together with its Czech subsidiary, Spolana, Anwil makes up one of central and eastern Europe’s largest PVC producers, with a capacity of 435,000 tonnes/year.
($1 = €0.73)
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