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.
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