Poland's treasury agrees to swap 50.7% stake for ZAT/ZAP merger

10 January 2013 17:10  [Source: ICIS news]

LONDON (ICIS)--Poland's treasury ministry has agreed to take part in the Zaklady Azotowe Pulawy (ZAP)/Zaklady Azoty Tarnow (ZAT) share swap that is set to lead to the creation of Europe's second largest fertilizer group, the ministry said on Thursday.

ZAT's acquisition of the treasury's 50.7% shareholding in ZAP, along with other shares in the company which it manages to pick up in a four-day share swap subscription period scheduled to end today (10 January), will enable a merger to establish the Grupa Azoty group.

Each surrendered ZAP share is being swapped at a rate of 2.5 ZAT shares under the terms of the subscription.

ZAT, which already owns 10.3% of fertilizer, caprolactam (capro) and melamine producer ZAP, is aiming to acquire at least 60% of ZAP.

Grupa Azoty, the name of which ZAT is already trading under, will have the second highest fertilizer capacity in Europe after Norway-based Yara International.

No opposition to the merger from competition regulators at the European Commission is anticipated, ZAT's management has stated.

As well as nitrogen and multi-component fertilizers, capro and melamine, Grupa Azoty's product portfolio will include oxo-alcohols and titanium dioxide (TiO2).


By: Will Conroy
+44 20 8652 3214



AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

ICIS news FREE TRIAL
Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index