Ciech proposes a consortium to bid for Anwil

Poland's largest chemical company Ciech wants to combine its strength with two state-controlled fertilizer makers, Tarnów and Kedzierzyn, in order to bid for PKN Orlen's chemical unit Anwil, its chief executive said.

Anwil, Poland's largest polyvinyl chloride producer is valued at around zł.1.5 billion according to analysts. "On October 9 we want to set a company together with Tarnów and Kedzierzyn that will lodge an offer for Anwil," Ryszard Kunicki said.

The Ciech-led group will finance 10-20 percent of the purchase from its own cash and the rest will be financed through raised debt, a company official said who requested not to be named. Kunicki said that the consortium will also turn to other shareholders, which include the treasury ministry and power group Energa, as it seeks to buy a 90 percent stake in the company.

PKN Orlen will announce in early November what percentage of Anwil it plans to unload. Last month, its executive said that stake may reach 85 percent. (AO)

Source: Reuters