Ciech receives exclusive rights for negotiations over Organika-Sarzyna

APA - Austria Presse Agentur
05-01-2006, 17:20

Warsaw (Puls Biznesu) – Ciech, Poland’s listed chemical company, received exclusive rights for negotiations to buy 80 percent of Organika-Sarzyna from Nafta Polska (NP). Organika-Sarzyna is pesticides and resin producer. Ciech may negotiate from January 23rd till March 3rd. At the beginning of December, it received exclusivity for talks with NP over the privatization of Zachem.

Warsaw (Puls Biznesu) – Ciech, Poland’s listed chemical company, received exclusive rights for negotiations to buy 80 percent of Organika-Sarzyna from Nafta Polska (NP). Organika-Sarzyna is pesticides and resin producer. Ciech may negotiate from January 23rd till March 3rd. At the beginning of December, it received exclusivity for talks with NP over the privatization of Zachem. According to unofficial sources, the 80 percent stake may be worth PLN 120-130m (EUR 31.6-34.2m).

Organika-Sarzyna is bigger than Zachem, so the value of the transaction may amount to PLN 300m. Ciech is going to pay for the stakes from its own funds amounting to PLN 400m. In 2005, Ciech will probably have net income of PLN 104m. Ciech’s main rival to acquire both Zachem and Organika-Sarzyna was German Petro Carbo Chem. NP is negotiating with the Germans in order to sell them Tarnow and Kedzierzyn azote plants.

(PLN 1 = EUR 0.263)

 

 

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Podpis: APA - Austria Presse Agentur

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Inne / Ciech receives exclusive rights for negotiations over Organika-Sarzyna