30 November 2010 16:10 [Source: ICIS news]
PRAGUE (ICIS)--Zaklady Azotowe Pulawy (ZAP) has submitted a privatisation bid to the Polish treasury ministry offering to buy 33% of Zaklady Chemiczne Police (ZChP), Poland's largest fertilizer producer said on Tuesday.
"Should the restructuring process be carried out effectively, including the addressing of debt and other conditions, we believe we can activate the potential of this company in the medium term to achieve value for shareholders," said Andrzej Kopec, a member of ZAP's management board.
Shortly before ZAP's announcement, Spolka Pracownicza Chemia-Pulawy, a company representing ZAP employees, said it had submitted a bid to the treasury ministry to buy the state's 51% stake in their employer.
More than 750 ZAP employees, as well as board members and the local government, were backing this bid as a means to ensure that "ZAP will remain an engine of [Lublin] province [in southeastern Poland]", Chemia-Pulawy said.
The financial details of the bids were not disclosed, although Chemia-Pulawy said its bid was higher than the current market valuation of ZAP.
The treasury ministry has called for binding bids for both ZAP and ZChP to be submitted by the end of 30 November.
ZChP makes nitrogen phosphorus potassium (NPK) fertilizers and titanium dioxide (TiO2).
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