23 July 2010 15:08 [Source: ICIS news]
PRAGUE (ICIS news)--Zaklady Azotowe Pulawy (ZAP), Poland’s largest fertilizer producer, has received four preliminary bids for a 50.67% stake in it, the country’s treasury ministry said on Friday.
Investors submitted two preliminary bids for a 59.41% stake in Zaklady Chemiczne Police (ZChP), ?xml:namespace>
The deadline for preliminary bids expired on Friday, while the ministry has set a date of 30 August to decide which of the bidders would be invited to make binding offers.
A treasury ministry source said that if satisfactory binding bids could not be obtained within the fourth quarter of this year, privatisation officials might consider offering the companies through a call for shares on the Warsaw Stock Exchange.
In all, 22 investors collected privatisation memoranda on the sale of the majority stakes in ZAP and ZChP, the ministry said, adding that these included entities from
Prior to the deadline for bids, the trade unions at ZAP said they would be submitting a bid backed by local government that could lead to employee ownership of the company. The unions were unavailable for comment on whether they had gone ahead with the offer.
ZChP, which is in the midst of a restructuring plan following serious liquidity difficulties, is the largest Polish producer of nitrogen phosphorus potassium (NPK) fertilizers, while ZAP concentrates on nitrogen fertilizers.
Both companies have been building up production capacity for the urea-based AdBlue diesel-emissions reducer.
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