07 March 2011 17:30 [Source: ICIS news]
PRAGUE (ICIS)--Zaklady Azotowe Pulawy's (ZAP) shareholders have unanimously voted for the company to proceed with a takeover of fellow Polish fertilizer company Fosfory Ciech, ZAP said on Monday following an extraordinary general meeting.
Poland's Ciech group last December accepted a bid from ZAP for its 89.46% stake in phosphorous fertilizer unit Fosfory Ciech, based in the Baltic port city of Gdansk.
The bid comprises zloty (Zl) 107.2m ($37.6m, €26.9m) for the stake and a commitment to repay loan sums owed by the subsidiary to Ciech amounting to Zl 120.6m.
ZAP, which makes nitrogen fertilizers and is also a global melamine and caprolactam player, said it was attracted to Fosfory Ciech by its production lines, the distribution potential offered by its owned port infrastructure and the fact that in the past decade it had always recorded positive earnings before interest, tax, depreciation and amortisation (EBITDA) apart from in the crisis-year of 2009.
Fosfory Ciech has an annual fertilizer capacity of 400,000 tonnes. It also produces sulphuric and phosphoric acid.
($1 = Zl 2.85, €1 = Zl 3.98)
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