Bids for Poland fertilizer makers ZAP, ZChP to begin in May

21 April 2010 11:02  [Source: ICIS news]

PRAGUE (ICIS news)--Investors will be able to submit bids in May for Poland's Zaklady Azotowe Pulawy (ZAP) and Zaklady Chemiczne Police (ZChP), the country’s treasury ministry said on Tuesday.

Preliminary offers for ZAP, Poland’s largest fertilizer producer, and ZChP, the country’s second-largest maker of fertilizers, would then be expected by the middle of this year, Deputy Treasury Minister Adam Leszkiewicz said.

Bids for the joint acquisition of the firms or for just one of the companies would be considered, he said.

The ministry had previously hoped it might be able to invite bids as early as the end of April, but following consultation with its privatisation advisers it had opted for a May date as more viable.

ZAP, which makes nitrogen fertilizers as well as melamine and caprolactam, is currently in exclusive negotiations with PKN Orlen for the purchase of a controlling stake in Anwil, central and eastern Europe’s largest polyvinyl chloride (PVC) producer and nitrogen fertilizer maker.

Polish gas monopoly PGNiG said on 20 April that ZChP, which is attempting to resolve financial difficulties by obtaining a state-aid loan, had become subject to a tighter gas payment plan.

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By: Will Conroy
+44 20 8652 3214

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