Ciech maneuvers to acquire Polfa companies - one way or another

A chemical sector holding company Ciech, has presented bold development plans. The enterprise says that it is willing to sell some of its own shares and its shares in Chemia Polska, another chemical sector company recently taken over by Ciech, to raise between zl. 300 million to zl. 350 million and use the capital to purchase a dominant stake in the Polfa Warszawa, Polfa Tarchomin and Polfa Pabianice pharmaceutical companies. The aim of the Treasury Ministry is to create a major pharmaceutical holding. "If the Treasury Minister decides to find an investor for the Polfas we will present our offer of purchasing a majority stake. Alternatively if the pharmac eutical group enters the Warsaw Stock Exchange [as the ministry has su ggested] we want to buy a 20% to 30% stake, which would give us control over the companies," said Ciech president Ludwik Klinkosz. Analysts are very skeptical about the idea, believing it could eventually ruin Ciech. (Puls Biznesu, pp. 1, 3) A.D.