ZAP, ZChP privatisation bid deadline extended

21 June 2010 13:21  [Source: ICIS news]

PRAGUE (ICIS news)--The preliminary offers deadline for the privatisation of Poland's largest fertilizer producers, Zaklady Azotowe Pulawy (ZAP) and Zaklady Chemiczne Police (ZChP), has been extended from June 28 to July 23, the Polish treasury ministry said on Monday.

The move was made at the request of potential strategic investors, who said they might bid for the companies if they were given more time to weigh things up, it added.

The ministry said it was keeping all expressed interest confidential for the time being.

The preliminary bids would be appraised by August 30 under the new timeframe, the ministry said.

Deputy Treasury Minister Adam Leszkiewicz has said investors from both Europe and overseas have registered their interest in buying majority stakes in nitrogen fertilizer, melamine and caprolactam producer ZAP and diammonium phosphate (DAP) fertilizer and titanium dioxide (TiO2) maker ZChP.

However, last week Citigroup said it was not optimistic Poland would be able to privatise the firms. It cited weak prospects for non-integrated fertilizer producers and the ministry's high pricing expectations as reasons for its scepticism.

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By: Will Conroy
+44 20 8652 3214



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