25 October 2012 16:32 [Source: ICIS news]
LONDON (ICIS)--Poland's PKN Orlen is looking for a strategic investor that will invest in the nitrogen fertilizer business of its Anwil subsidiary, the Polish oil and petrochemical group said on Thursday.
Work on clearly separating the business operations of Anwil's fertilizer and polyvinyl chloride (PVC) units was proceeding in anticipation of an investor being found for the fertilizer side of the company, it added.
However, the units would only be separated in a legal sense if a satisfactory deal with an investor was struck, Orlen said.
In September, Orlen announced that it had scrapped its plan to find a buyer for the whole of Anwil, which it regards as a non-core subsidiary.
Until then, Orlen had for the past three years been open to offers for Anwil.
In June 2010, the state-controlled group rejected an offer for Anwil from Polish fertilizer producer Zaklady Azotowe Pulawy (ZAP), citing differences over conditions of a potential transaction.
Further details on Orlen's plans for Anwil and other subsidiaries would be available in the company's latest five-year strategy, to be released in December, Orlen said.
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