19 July 2012 16:25 [Source: ICIS news]
LONDON (ICIS)--Russia's Acron Group has managed to acquire a 12.03% stake in the largest Polish chemical producer, Zaklady Azoty Tarnow (ZAT), from its bid for up to 66% of the group, Acron said on Thursday.
Mineral fertilizer producer Acron opted to become a minority shareholder in ZAT after seeing its hopes of gaining a controlling stake in the company dashed by ZAT's move to merge with fellow Polish chemical producer Zaklady Azotowe Pulawy (ZAP).
The merger plan, which if successful will create Europe's third biggest fertilizer producer, is backed by Poland's treasury ministry, which has controlling shares in both ZAT and ZAP.
Sources at the ministry have said Acron went ahead with its bid despite being told that the Polish government does not wish Russian companies to take majority stakes in certain strategic domestic companies, including ZAT.
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