19 February 2013 17:28 [Source: ICIS news]
LONDON (ICIS)--Zaklady Azoty Tarnow (ZAT) will make a call for shares to acquire the 16.3% of fellow Polish chemical group Zaklady Azotowe Pulawy (ZAP) that it does not own on 7 March, an intermediary in the planned call said on Tuesday.
Shareholders in ZAP would be invited to sell their shares to ZAT between 7 March and 8 April at zloty (Zl) 132.6 ($42, €32) per share, said brokerage Unicredit CAIB Poland.
Investment bank WOOD & Company has calculated that at that price it would cost ZAT Zl 404.9m to acquire all the ZAP shares not yet in its ownership.
On 14 January, ZAT built its stake in fellow state-controlled group ZAP to 83.7% after making a share swap offer.
The acquisition of ZAP has made the ZAT group Europe's second largest fertilizer company behind Norway-based Yara International and by far Poland's largest chemical group.
ZAT already trades under the Grupa Azoty brand name, which it says will also apply to all its subsidiaries once an ongoing merger and consolidation process is completed.
($1 = €0.75, $1 = Zl 3.14, €1 = Zl 4.19)
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