PCC will not bid in third attempt to privatise Polish chems firms

11 August 2011 17:28  [Source: ICIS news]

LONDON (ICIS)--Germany-based PCC has no plans to bid during an upcoming third attempt to privatise Polish chemical companies that remain state-held, the chemical, energy and logistics company said on Thursday.

PCC’s owner and supervisory board chairman Waldemar Preussner would see no attraction in making offers during the privatisation process scheduled for later this year, which could include controlling stakes in companies including the Ciech group, Zaklady Azoty Tarnow (ZAT) group and Zaklady Azotowe Pulawy, it added.

In May 2010, PCC had binding privatisation bids for ZAT and Zaklady Azotowe Kedzierzyn (ZAK) turned down by the Polish treasury ministry, while in 2006 it was refused permission to acquire the same two companies despite having won a privatisation tender for them.

After the 2010 rejection, PCC sources made clear the company felt the treasury ministry’s price expectations were too high, while following the 2006 rebuttal PCC complained that it had only discovered that the acquisitions would be blocked from an item on the internet.

The Polish treasury was unavailable for comment on PCC’s decision not to participate in the upcoming privatization.

However, an independent think tank in Poland, the Adam Smith Centre, said that following the ongoing consolidation of the chemical firms, this third privatisation process had a good chance of success because bidders would be attracted by the more substantial assets.

($1 = €0.70)

By: Will Conroy
+44 20 8652 3214

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