Chemia Polska-Ciech merger part of Kaczmarek plan for chemical industry

Treasury Minister Wieslaw Kaczmarek has said he intends to resolve the "triangular problem" involving Chemia Polska (ChP), Miedzynarodowa Korporacja Gwarancyjna (MKG) and Polski Fundusz Gwarancyjny (PFG), by merging ChP with chemical industry leader Ciech in the near future. In the "triangle", created by Jacek Buchacz when he was minister responsible for international economic cooperation between 1993 and 1997, the three companies control one another so that the Treasury, despite being the owner of all three, is at the same time a minority shareholder in each. Kaczmarek has complained that he is losing control over the "triangle", and while details of how he intends to solve the problem have yet to be revealed, insiders maintain his plan would include appointing current head of Chemia Polska, Ludwik Klinkosz, as president of Ciech. Klinkosz has confirmed he is a candidate for the position, and has praised Kaczmarek's strategy. He did not make it clear, however, whether following the takeover, Ciech would take part in the long-awaited consolidation of the chemical sector. (Gazeta Wyborcza, p. 16; Rzeczpospolita, p. B3) M.K.