Agrofert may pull out of purchase

Alan Heath
09-05-2001, 00:00

Agrofert may pull out of purchase

The companies considered to be the front runners in the privatisation of the Kędzierzyn chemical works may pull out. The Czech Agrofert says that the management of Kędzierzyn refused it vital documents in the due diligence process whilst shareholders of PKN Orlen would appear to be against the sale. Adam Konopka, MD of Kędzierzyn said that certain business information would only be offered when there is only one company left in the running. Agrofert says that in this case it is very difficult to put an offer in. Kędzierzyn has debts of PLN392.4m and requires investments of PLN700m — PLN800m. In view of the fact that the chemicals industry generates very little profits, these funds could only be returned slowly. The government, which already has problems on the sale of the Tarnow works in south east Poland, will know on 11 May what the situation is at Kędzierzyn.

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