Poland's ZAT to pursue increasing its stake in ZAK

16 May 2011 17:16  [Source: ICIS news]

LONDON (ICIS)--Zaklady Azotowe Tarnow (ZAT) is set to apply to Poland’s treasury ministry to buy a 40.9% stake in fellow Polish chemical producer Zaklady Azotowe Kedzierzyn (ZAK), which would bring its shareholding to 93.5%, the company said on Monday.

The treasury ministry has said that it is inclined to sell the stake to ZAT because it could then go ahead with an attempt at selling off both companies in one privatisation.

If the ministry were to go ahead with the strategy, ZAT would certainly put in an offer for the 40.9% stake, the company said.

Last year, attempts to sell off both ZAT and ZAK were among several initiatives in Poland's chemical privatisation process that failed because of what the treasury ministry said were unsatisfactory offers.

ZAT subsequently went ahead with the purchase of a 52.6% stake in ZAK, creating the largest fertilizer group in Poland. Employees hold a 6.5% stake in ZAK.

Between them, the two companies also have plants that produce caprolactam (capro), polyamide 6 (or nylon 6) and oxo-alcohols.

Poland plans to relaunch its chemical industry privatisation process in September.

Please visit Will Beacham’s Look East for Chemicals blog

By: Will Conroy
+44 20 8652 3214

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