Polish treasury ministry to examine Synthos' €461m bid for ZAP

18 June 2012 17:17  [Source: ICIS news]

LONDON (ICIS)--The Polish treasury ministry has agreed to examine synthetic rubber producer Synthos' zlotych (Zl) 1.96bn ($587m, €461m) bid for nitrogen fertilizer, caprolactam (capro) and melamine producer Zaklady Azotowe Pulawy (ZAP), the ministry said on Monday.

In contrast to the offer made by Russia's Acron Group, a mineral fertilizer producer, for a controlling stake in Poland's largest chemical group, Zaklady Azoty Tarnow (ZAT), which the ministry and ZAT are opposing, the Synthos bid was worth further appraisal, it added.

The ministry holds 50.67% and 32% stakes in ZAP and ZAT, respectively.

Synthos' move for ZAP, based in central-eastern Poland, is an interesting proposition, according to economy minister and deputy prime minister Waldemar Pawlak.

“It could mean ZAP remaining in the circle of domestic ownership, which is something that I personally really like,” said Pawlak.

“If the state wishes to withdraw from such industrial assets, let it leave but we can at least stick with national possession,” he added.

As part of its latest plan to raise proceeds from privatisation, the Polish government has said it wants to exit the Polish chemical sector by the end of 2013 at the latest.

Synthos, Europe's second largest maker of synthetic rubber and based in Oswiecim, southern Poland, is owned by Polish billionaire Michal Solowow.

($1 = €0.79)
($1 = Zl 3.34, €1 = Zl 4.25)

By: Will Conroy
+44 20 8652 3214

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