02 February 2012 16:03 [Source: ICIS news]
LONDON (ICIS)--Germany’s Woellner Group has for a second time been invited to place an exclusive bid to buy control of Polish chemical producer Zaklady Chemiczne Rudniki, the Polish treasury ministry said on Thursday.
In November, Woellner snubbed the chance to make an exclusive offer for the treasury ministry’s 85% stake in Rudniki, a producer of sodium silicate, sodium water glass, potassium silicate, potassium silicate glass and industrial washing agents.
Woellner has until the end of February to place the preferred bid for the stake following its return to the negotiating table, the ministry added.
A source at the ministry said selling the stake was proving difficult because of issues including unprofitable currency market operations that Rudniki had been involved in and the likely cost of a future waste removal project that would probably be required.
Woellner is based at Ludwigshafen in southwestern Germany, and also has plants in France, Austria and China.
The company has annual sales of approximately €110m ($144.7m) and produces silicates and specialty chemicals for the dyestuff and construction, paper, chemical, and detergent and cleaning agent industries.
($1 = €0.76)
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