15 June 2011 17:20 [Source: ICIS news]
LONDON (ICIS)--Ciech is to sell its controlling stake in its nitrogen phosphorus potassium (NPK) fertilizer subsidiary Zaklady Chemiczne Alwernia, the Polish chemical group said on Wednesday.
In March, Ciech took its 73.75% stake in Alwernia off its list of 'must sell' assets. However, Ciech said it had now put the subsidiary back on the list following its recent acquisiton of additional shares in the firm from the treasury ministry, which has boosted its stake to 98.76%.
The availability of such a large stake in Alwernia via a single transaction, together with a recent improvement in the subsidiary's financial performance, should lead to attractive offers from bidders, Ciech added.
Under its restructuring plan, Ciech is disposing of almost all assets in its agrochemical and silicates & glass divisions, while concentrating investment on its remaining soda ash and organic chemical divisions.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|