Poland delays ZAP, ZChP privatisation deadline until January

16 December 2010 17:26  [Source: ICIS news]

PRAGUE (ICIS)--Poland’s treasury ministry on Thursday requested that companies bidding for majority stakes in the country’s two largest fertilizer firms submit additional information, delaying the privatisation process until next month.

Documents requesting additional comprehensive data have been sent to companies that have placed binding bids for Zaklady Azotowe Pulawy (ZAP) and Zaklady Chemiczne Police (ZChP), the ministry said.

The previous plan to announce the result of the privatisation processes by mid-December has been scrapped, said the ministry, which set a new date of 11 January.

The ministry has so far declined to identify the bidders, saying only that it had received four preliminary bids for up to 50.67% of ZAP and two for up to 59.41% of ZChP.

A company representing the employees of ZAP, Spolka Pracownicza Chemia-Pulawy, has confirmed that it has placed a binding bid for ZAP.

In addition, ZAP has confirmed that it has submitted a binding bid to buy an initial 33% stake in ZChP, rising to a majority stake if the company’s restructuring plan proved a success.

Spolka Pracownicza Chemia-Pulawy said it proposed paying for the stake over several years from dividends issued by ZAP.

ZAP produces nitrogen fertilizers as well as melamine and caprolactam.

ZChP makes nitrogen phosphorus potassium (NPK) fertilizers and titanium dioxide (TiO2).

Earlier on Thursday, ZAP announced it had agreed to buy an 89.46% stake in phosphorous fertilizer unit Fosfory Ciech from Poland's largest chemical group, Ciech.

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By: Will Conroy
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