Poland chemicals privatization to restart in September
By Will Beacham on 3 May, 2011 in Uncategorised
The privatization of Poland’s chemical industry may lurch into action again later this year, according to the country’s treasury ministry which gives September for the kick-off.
Since 2007, Poland has twice abandoned efforts at completing the sell-off of substantial state-held assets in its chemical industry, citing unsatisfactory bids.
According to ICIS news, efforts at consolidating and restructuring the large chemical companies still not privatised should bear enough fruit by September, along with significant chemical market improvements, to allow for renewed sell-off efforts, the ministry said.
The privatisation’s flagship offers will be majority stakes in Poland’s largest chemical group Ciech, and Poland’s largest fertilizer maker and melamine and caprolactam producer, Zaklady Azotowe Pulawy (ZAP).
A majority stake could also be offered in Poland’s second largest fertilizer producer and titanium dioxide (TiO2) producer Zaklady Chemiczne Police (ZChP) provided the company had makes satisfactory progress in overcoming its debts, the ministry said.
Another feature of the privatisation relaunch should shortly see fertilizer, caprolactam and nylon 6 (polyamide 6) maker Zaklady Azotowe Tarnow (ZAT) given the chance to acquire from the treasury ministry the 47% of fertilizer and oxo-alcohols producer Zaklady Azotowe Kedzierzyn (ZAK) it does not own.
If that transaction is successfully pursued, ZAK could then be privatised as part of a single sell-off of the ZAT group, the ministry added.
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