Treasury announces privatization of Polmos Zyrardow

Grupa Belvedere, Bols of the Netherlands, and Phillips Millenium (PM) have been shortlisted for the privatization of spirits-producer Polmos Zyrardow. Beginning today the three companies will begin due diligence of Polmos, with Dec. 15 the deadline for submission of bids.The State Treasury (MSP) will then choose one company with which to conduct further talks. If none of the offers proves satisfying, then the Treasury may conduct parallel talks with two companies. The privatization of Polmos Zyrardow seeks to bring the spirits company's assets to a new partnership which will be created by an investor. The State Treasury will remain a minor stakeholder, but may reserve the right to sell the remaining stake to an investor. PM seems to have the best chances for taking over Polmos Zyrardow, since the company receives 30% of Polmos's output. The other potential investors would have to make unusually attractive offers in order to compete with the relationship already underway between these two partners. (Prawo i Gospodarka, Oct. 21-22, pp. 1,2)