Warsaw (Puls Biznesu) – The German investor does not give up the acquisition of the Polish plant and raises its offer for Tarnow.
Last Friday, the Ministry of the Treasure said that it would not sell Tarnow and Kedzierzyn nitrogen plants to Petro Carbo Chem (PCC). Yesterday, the German investor said it agreed to the conditions of the Ministry of the Treasure and Nafta Polska, the state-owned entity founded to privatize the chemical sector in Poland.
“PCC submitted to Nafta Polska an offer of an annex to the agreement to sell Tarnow stake with a price higher by over PLN 50.6m (EUR 13m). It should compensate the income for 2005 which Nafta Polska will not receive”, Waldemar Preussner, PCC owner said.
PCC agreed to shift the deadline of the privatization agreement till December 15th from November 3rd.
“We believe that the decision of the Ministry of the Treasure made on October 27th to suddenly withdraw from the transaction to sell Tarnow and Kedzierzyn was the effect of misunderstanding and the lack of sufficient data concerning the negotiations between Nafta Polska and PCC”, Waldemar Preussner said.
The German investor expects the Ministry of the Treasure to recommend the government to sell the companies to PCC.
“I don’t know anything about these proposals so I cannot comment”, Marek Drac-Taton, Nafta Polska CEO said.
In his opinion, everything “has already been told”.
“PLN 50.6m solves the problem of the dividend. We support the opinion presented last Friday”, Pawel Szalamacha, the deputy Minister of the Treasure said.
Nafta Polska and the Ministry have new plans for the two chemical companies, including an IPO, a new tender or negotiations with investors.
Last Friday, the Ministry of the Treasure said that it would not sell Tarnow and Kedzierzyn to PCC because it offered to low prices. The German investor was ready to pay PLN 365.8m for Tarnow and PLN 100m for Kedzierzyn. Meanwhile, Bendykt Michewicz, Anwil CEO, repeated that he is interested in acquiring both companies.
(PLN 1 = EUR 0.257)