Poland hopes to sell entire stake in Ciech chemicals - minister
March 13, 2014
Poland’s Treasury hopes to be able to sell the entire stake in listed chemicals firm Ciech, albeit still sees the price as the key criterion in the process, deputy Treasury Minister Pawel Tamborski said on Wednesday.
"The price remains the key criterion, but it is very important that we are able to sell the entire stake in the long run," Tamborski told reporters.
The Treasury is analyzing the offer filed by KI Chemistry and "selecting an advisor who will help do it," Tamborski added.
Last week KI Chemistry, a unit of Kulczyk Investment, announced a tender offer on 34,781,939 shares or 66% of Ciech, offering PLN 29.5 per share. The price offered puts the total value of the bid to PLN 1.03 billion.
The treasury holds a 38.7% stake in Ciech.