Poland's Anwil puts Czech PVC and capro subsidiary Spolana up for sale
22 June 2011 15:29 [Source: ICIS news]
LONDON (ICIS)--?xml:namespace>Poland’s Anwil has put Czech polyvinyl chloride (PVC) and caprolactam (capro) subsidiary Spolana up for sale, the company said on Wednesday.
“We would like to confirm that our company has begun a sale process for Spolana,” Krzysztof Wojdylo, Anwil marketing manager, said.
Wojdylo added that Anwil is waiting for preliminary offers, which should be submitted by mid-July.
In March, Polish chemical group Zaklady Azotowe Tarnow (ZAT) said it was interested in increasing its capro capacity by acquiring Spolana’s 40,000 tonne/year capro business.
ZAT said it is also interested in finding a joint-venture partner to purchase Spolana’s 130,000 tonne/year PVC business.
Meanwhile, Anwil’s majority owner – Polish refining, chemical and petrochemical group PKN Orlen – is scheduling another attempt to sell its 90.35% stake in Anwil.
However, in late May PKN Orlen said it might opt to retain the 340,000 tonne/year PVC side of the company and only sell its nitrogen fertilizer business.
Anwil acquired an initial 81.78% stake in Spolana in October 2006 from Czech Unipetrol – itself majority-owned by PKN Orlen – for koruny (Kc) 640m ($38.1m, €26.3m) and a pledge to cover Spolana debts totalling Kc660m.
($1 = Kc16.81) (€1 = Kc24.29) By: Will Conroy+44 20 8652 3214
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