27 December 2012 14:36 [Source: ICIS news]
LONDON (ICIS)--The share swap expected to create Grupa Azoty, a Polish group that will be Europe's second largest fertilizer producer, is to take place from 7 to 10 January in the new year, the Zaklady Azoty Tarnow (ZAT) group said on Thursday.
ZAT, which currently holds a 10.3% stake in ZAP, expects to successfully take a majority stake in its fellow Polish producer, as the treasury ministry, which has a 50.7% ZAP stake, has already signalled its agreement to the transaction.
Following the share swap, the ministry is expected to have a controlling stake in the newly-formed Grupa Azoty, ZAT said.
The approval of competition regulators of the European Commission for the creation of Grupa Azoty is expected prior to 18 January, it added.
As well as becoming Europe's second largest fertilizer producer behind Norway-based Yara International, the new group will have a production portfolio that includes caprolactam (capro), polyamide 6 (or nylon 6), melamine, titanium dioxide (TiO2) and oxo alcohols.
ZAT and two other Polish members of its existing group - Zaklady Chemiczne Police (ZChP) and Zaklady Azotowe Kedzierzyn (ZAK) – are already rebranded as Grupa Azoty members.
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