Borsodchem submits bid for 10% stake in ZA Tarnow

Hungarian chemical company Borsodchem Rt has submitted a bid for a 10% stake in nitrogen plant Zaklady Azotowe Tarnow (ZA Tarnow). "We're not excluding the possibility of buying a larger stake," said president of Borsodchem, Laszlao F. Kovacs. According to unofficial sources, Borsodchem, currently Central and Eastern Europe's largest suspension PCV powder producer, is not the only company interested in a stake in the zl.200 million-valued ZA Tarnow. Other firms considering a bid include Aquafil of Italy, Brazilian group Comexport, and Petro Carbo Chem from Germany. This is the second time the Treasury Ministry has attempted to privatize ZA Tarnow. The first tender was annulled after the only serious bidder, an anonymous foreign investor, offered too low a price for the stake, and failed to present an investment program for promoting ZA Tarnow's development. The privatization is expected to be completed in September or October this year. The shortlist of bidders will be published by July 12. (Rzeczpospolita, p. B1) A.Z.