Wasacz departure could halt sugar holding privatization

Saint Louis Sucre's (SLS) attempt to buy Poland's largest sugar holding could be derailed following the ousting of Treasury Minister Emil Wasacz last week. Sources close to the privatization process said the sale of Slaska Spolka Cukrowa to SLS would most likely be discontinued. "I don't think the [new] Minister will be willing to continue negotiations with SLS," said a source close to the privatization process. "He will most likely be against the privatization process as it is being [carried out] at the moment." SLS is waiting to hear what privatization course the new Minister Andrzej Chronowski looks to be plotting. SLS has been in talks with the Ministry since April to acquire upward of 51% of Slaska. In its original agreement with the government, SLS was given until May 22 to close negotiations. Due to an ongoing deadlock in talks with beet growers supplying Slaska's mills, the government has prolonged negotiations over the past four months. The most recent deadline for negotiations to be closed passed on Sunday. If Slaska is not sold off to SLS, it could end up being included in the Polski Cukier project. (Warsaw Business Journal)