08 September 2010 13:17 [Source: ICIS news]
PRAGUE (ICIS)--The management board of Zaklady Azotowe Tarnow (ZAT) has recommended that the company go ahead with the purchase of a 53% stake in fellow Polish state-controlled chemical producer Zaklady Azotowe Kedzierzyn (ZAK), ZAT said on Wednesday.
A 4 October ZAT extraordinary general meeting would be asked to approve the zloty (Zl) 150m ($48.2m, €37.9m) transaction, which would be made possible by a share capital increase issued by ZAK, a nitrogen fertilizer, oxo-alcohols and polyamide 6 producer, it added.
A ZAT offer for an 89.46% stake in phosphorous fertilizer unit Fosfory Ciech, held by state-controlled Polish chemical group Ciech, could be made by 15 September, ZAT also announced. Rival offers could come from at least two other interested parties, Ciech said.
The management of ZAK, meanwhile, said part of the acquisition proceeds received from ZAT could be spent on takeovers abroad.
The treasury ministry said a consolidation of ZAT and ZAK could lead to a relaunch of the privatisation process for the two firms in 2011.
($1 = Zl 3.11, €1 = Zl 3.95)
To discuss issues facing the chemical industry go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections