Privatization of Ciech to restart – third time lucky
By Will Beacham on 12 April, 2011 in Uncategorised
Observers of the Polish government’s efforts to sell off parts of its chemical sector may raise their eyebrows at the news of its relaunch of the privatisations of Ciech, the country’s largest chemical group, and fertilizer producer Zaklady Azotowe Pulawy (ZAP) in the second half of this year.
Previous attempts have failed twice thanks to the government’s unrealistic expectations on valuations. There is nothing to suggest this situation will improve this time.
Renewed attempts to privatise fertilizer producer Zaklady Chemiczne Police (ZChP); fertilizer, caprolactam and nylon 6 (or polyamide 6) maker Zaklady Azotowe Tarnow; (ZAT); and fertilizer and oxo-alcohols producer Zaklady Azotowe Kedzierzyn (ZAK) are unlikely to occur this year, the ministry said, according to ICIS news.
Ciech is Europe’s second-largest soda ash producer, while ZAP makes nitrogen fertilizers and is also a global melamine and caprolactam player.
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