Huta Zawiercie sold to U.S. Commercial Metals

Commercial Metals, a subsidiary of Texas-based Commercial Metals Company (CMC), received exclusive rights from Impexmetal to negotiate the purchase of a 71% stake in Huta Zawiercie. According to Parkiet, the Americans might pay zł. 150 million for the stake. "CMC presented the best offer. We have given them four weeks to conclude negotiations," said Krzysztof Adamski, the financial director of Impexmetal. He added that if the deal was signed by mid-July, then CMC might get permission from the Consumer and Competition Protection Office and the Interior Ministry to acquire the shares over the next two months. "Then we would get the cash and pay some of our liabilities," said Adamski. Impexmetal's short-term liabilities exceed the value of its operating assets by zł. 155 million. (Parkiet, p. 3) M.M.