19 July 2011 16:25 [Source: ICIS news]
LONDON (ICIS)--Poland's Office of Competition and Consumer Protection (UOKiK) has approved Zaklady Azoty Tarnow's (ZAT) planned purchase of a controlling stake in rival Polish chemical firm Zaklady Chemiczne Police (ZChP), UOKiK said on Tuesday.
Nitrogen fertilizer, caprolactam (capro) and nylon 6 (polyamide 6) producer ZAT is on course to create the largest group of chemical companies in Poland by revenue, having already this year acquired a 52.6% stake in nitrogen fertilizer and oxo-alcohols maker Zaklady Azotowe Kedzierzyn (ZAK).
In mid-June, ZAT said it was ready to spend up to zlotych (Zl) 569m ($199.0m, €140.8m) to acquire a maximum of 66% in multi-component fertilizer and titanium dioxide (TiO2) producer ZChP from shareholders.
Poland's treasury ministry, which holds 59.4% of ZChP, gave the green light to the acquisition in early July by agreeing to sell its shares to ZAT.
UOKiK said the ZChP transaction, which would see the ZAT group's annual revenues boosted to more than Zl 5bn, caused it no significant anti-trust concerns.
($1 = Zl 2.86, €1 = Zl 4.04)
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|
Asian Chemical Connections