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Poland’s leading oil refiner PKN Orlen came a step closer to disposing of its PVC and fertiliser manufacturing subsidiary Anwil when it received three formal purchase offers for the firm.
The bids for the group’s almost 85% stake in Anwil, submitted by the 25 January 2010 deadline, included one from top Polish fertiliser producer Zaklady Azotowe Pulawy. PKN Orlen was quoted as indicating that all shortlisted potential buyers submitted bids in time.
PKN Orlen drew up a shortlist of potential buyers for Wloclawek-based Anwil late last year after more than a dozen chemical sector and financial investors showed an interest in the proposed sale.
PKN Orlen, based in Plock, originally planned to sell Anwil last year as a non core business in a single deal, in the face of the global financial crisis. With falling earnings and rising debts, the group was said to be considering disposing of the business piecemeal and for a lower price than at first intended.
Last year analysts were reported in the Polish press as valuing the Anwil business at almost $625m.
Other potential buyers for Anwil were quick to come forward when the sale was first revealed. In October 2008, three Polish groups – chemical company Ciech and state-controlled fertiliser firms Zaklady Azotowe Tarnow and Kedzierzyn – formed the Polish Chemical Consortium (PCC) to acquire the PVC producer.
The imminent sale of Anwil, which together with Orlen’s Czech Republic subsidiary Spolana of Neratovice, has a total PVC capacity of 435,000 tpa, is being played out against a backdrop of the planned privatisation of large parts of the country’s chemicals industry. The Polish government owns more than 27% of PKN Orlen while it has a direct 5.54% stake in Anwil.
From:http://www.europeanplasticsnews.com
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