16 July 2012 16:20 [Source: ICIS news]
Polish synthetic rubber producer Synthos, meanwhile, said it saw little chance that its bid for ZAP could succeed given that the the ZAT/ZAP merger plan had the backing of the controlling shareholder in the firms, Poland's treasury ministry.
Acron said that following the close of its zlotych (Zl) 1.96bn ($573.1m, €467.8m) offer for 66% of ZAT at the end of Monday, it would consider whether there is a business case for utilising the number of shares offered for purchase to acquire a minority stake in ZAT.
A source at Acron said the Russian mineral fertilizer producer was far from convinced that European competition regulators would approve the merger because “ZAT and ZAP together might be too much of a giant for the Polish market”.
Acron was also looking at what it believed may be serious procedural discrepancies in how ZAT had formulated the merger strategy, he said.
Although ZAT, at this stage, is not yet obliged to file a motion for merger approval from the competition regulators, it is already preparing to submit such a motion to the Polish Office of Competition and Consumer Protection (UOKiK), which it believed would be passed on to the European authorities, ZAT said.
Analysts at investment bank WOOD & Company said the competition rulings on the merger, which would create
If the merger goes through, the only two major fertilizer producers left in
Approximately one-third of fertilizers used in
($1 = €0.82)
($1 = Zl 3.42, €1 = Zl 4.19)
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