07 July 2011 11:06 [Source: ICIS news]
LONDON (ICIS)--Bookbuilding has begun for Zaklady Azoty Tarnow’s (ZAT) bid for a stake of up to 66% in fellow Polish chemical company Zaklady Chemiczne Police (ZChP), ZAT said on Thursday.
Just prior to the start of ZAT’s call for shares in second-largest Polish fertilizer producer and titanium dioxide (TiO2) maker ZChP, ?xml:namespace>
BRE concurred with Erste Group Bank, which on 1 July concluded that the bid was fair and should be accepted by the treasury ministry – who, as the owner of 59.4% of ZChP, would prove decisive in whether the offer succeeds.
Shareholders had until 16 August to respond to the bid, which would not proceed unless the ZAT group – a producer of nitrogen fertilizers, caprolactam (capro), nylon 6 (or polyamide 6) and oxo-alcohols – was able to buy at least 51% of ZChP shares, ZAT said.
Together, ZAT and ZChP would form
ZAT and ZChP are majority-owned by the state. Analysts say that their consolidation would create a strong and sizeable entity that could lead to a successful privatisation. Previous attempts to privatise the companies separately have failed.
($1=Zl 2.77, €1=Zl 3.95)
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