Poland’s ZAP ups bid for majority stake in Anwil

After Anwil’s majority owner PKN Orlen dug its heels in over the price, Zaklady Azotowe Pulawy (ZAP) has decided to up its bid to between zloty (Zl) 1.4bn-1.8bn ($417.9m-$537.3m, €340.6-€438.0m).

An improved offer increased the probability that ZAP could conclude a deal for Anwil before the negotiating deadline of 30 June at a price likely to fall somewhere, they added

Investment bank Wood & Company said the deal would offer ZAP diversification benefits, such as offering the company an opportunity to cut its reliance on nitrogen fertilizers from 60% to around 45% in terms of annual sales.

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