Azoty with stiff competition for Petrokemija stake

WSE-listed chemicals giant Grupa Azoty has 10 competitors in the running for the stake of Croatian fertilizer producer Petrokemija, according to local media. Competitors include Austrian Borealis, Croatian Prvo Plinarsko Drustvo, Ina, Janaf HEP, three pension funds PBZ, Raiffeisen and Erste, EBRD and IFC. Pakistani firm Fatima and Czech Agrifert withdrew from the race. The negotiation process will start this week with the Croatian government which controls Petrokemija. Azoty wants to buy a controlling stake, while Petrokemija was interested in finding a minority investor. This is Azoty’s second attempt to buy the Croatian peer, first, unsuccessful one was back in 2013.