02 May 2011 15:07 [Source: ICIS news]
LONDON (ICIS)--Investors should prepare for a September relaunch of Poland's chemical industry privatisation process, the country's treasury ministry said on Monday.
Since 2007, Poland's has twice abandoned efforts at completing the sell-off of substantial state-held assets in its chemical industry, citing unsatisfactory bids.
Efforts at consolidating and restructuring the large chemical companies still not privatised that should bear enough fruit by September, along with significant chemical market improvements, to allow for renewed sell-off efforts, the ministry said.
The privatisation's flagship offers will be majority stakes in Poland's largest chemical group Ciech, and Poland's largest fertilizer maker and melamine and caprolactam producer, Zaklady Azotowe Pulawy (ZAP), it added.
A majority stake could also be offered in Poland's second largest fertilizer producer and titanium dioxide (TiO2) producer Zaklady Chemiczne Police (ZChP) provided the company had made satisfactory progress in overcoming its debts, the ministry said.
Another feature of the privatisation relaunch should shortly see fertilizer, caprolactam and nylon 6 (polyamide 6) maker Zaklady Azotowe Tarnow (ZAT) given the chance to acquire from the treasury ministry the 47% of fertilizer and oxo-alcohols producer Zaklady Azotowe Kedzierzyn (ZAK) it does not own.
If that transaction is successfully pursued, ZAK could then be privatised as part of a single sell-off of the ZAT group, the ministry added.
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