28 July 2010 12:56 [Source: ICIS news]
PRAGUE (ICIS)--Zaklady Azotowe Tarnow (ZAT) has decided to start due diligence on taking a majority stake in fellow state-held Polish chemical company Zaklady Azotowe Kedzierzyn (ZAK), ZAT said on Wednesday.
ZAK has proposed that ZAT acquire 30m new shares that would be made available by a share capital increase.
“Acquiring the shares would give ZAT a 53% stake in the increased share capital and thus control over ZAK,” said investment bank Wood & Company.
The bank said that the valuation, which would be at a nominal value per share of zloty (Zl) 5 ($1.60, €1.25), implies a market capitalisation of Zl 285m for ZAK.
The Polish treasury ministry has suggested that if ZAT and ZAK were to be consolidated, a new effort at privatising the companies could be made.
($1 = Zl3.08/€1 = Zl4.01)
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