08 July 2011 11:43 [Source: ICIS news]
“Such a consolidation process is an overture toward the full privatisation of this part of the chemical sector,” said the Polish treasury minister, Aleksander Grad. He also said that a strong, single entity should prove attractive in a sell-off, which he said would be conducted “in the not-too-distant future”.
On 7 July, ZAT launched bookbuilding for its share call in which it is seeking to buy up to 66% of ZChP,
Shareholders have until 16 August to respond to the call.
Together, both companies would become
The ZAT group is a producer of nitrogen fertilizers, caprolactam (capro), and nylon 6 (or polyamide 6). Late last year it became the majority-owner of Zaklady Azotowe Kedzierzyn (ZAK), a fellow producer of nitrogen fertilizers and maker of oxo-alcohols.
Ciech – another state-controlled group – is currently Poland’s largest chemical maker. Ciech is also Europe’s second-largest soda ash maker and a producer of toluene diisocyanate (TDI), bringing in approximately Zl 4bn in yearly revenues.
Previous attempts to separately privatise ZAT, ZChP, ZAK and Ciech had failed.
($1 = Zl 2.74, €1 = Zl 3.93)
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