Poland's No. 1 shipbuilder gets green light to bid for HCP
Poland's largest shipbuilder Stocznia Gdynia has been placed on the Treasury
Ministry's shortlist of investors to participate in the bid for 80% of ship
engine producer Hipolit Cegielski Poznan S.A. (HCP), daily Rzeczpospolita
learned on Wednesday. According to the ministry, the deadline for initial
offers is April 23. The companies ultimately chosen to take part in the
tender will have five days to conduct due diligence on HCP's books, upon
which their final offers will be due. So far, the ministry has refused to
reveal the names of parties expressing interest in the deal. HCP, whose 1999
net profit equalled zl.3.5 million, or zl.1.8 million less than in 1998,
says it has plans to expand its engines production. (Rzeczpospolita, p.B4)
J.K.
