07 August 2012 15:03 [Source: ICIS news]
LONDON (ICIS)--The Workers' Council of Poland's Zaklady Azotowe Pulawy (ZAP) has called on the Polish treasury ministry to request that ZAP takes over fellow state-controlled chemical group Zaklady Azoty Tarnow (ZAT) rather than vice versa, the council said on Tuesday.
In a letter to treasury minister Mikolaj Budzanowski, the council, a statutory advisory and consultative body which functions on behalf of all of ZAP's 3,500 workers, said: “Given ZAP's market position and financial health, we believe it should be the dominant partner in the merger-consolidation, and at the very least an equal partner in the process.”
Analysts say the “mega-merger” between ZAT and ZAP will create a “major league” Polish chemical player.
The treasury ministry, which said it would respond to the council's request in due course, has for the past two years relied on ZAT to lead the further consolidation of the remaining major state-controlled assets in ?xml:namespace>
Efforts in recent years to privatise ZAT and ZAP have failed due to low bids but the ministry hopes the companies can be successfully sold off once they have been consolidated.
The ZAT group, headquartered in
ZAP, based in Pulawy, eastern
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