Acron Determined to Continue Bid for Polish Rival
Russia's Acron said on Thursday it was determined to go ahead with its 1.5 billion zloty ($438 million) bid for Poland's top chemicals group Azoty Tarnow despite the Polish government's unwillingness to sell its 32% stake.
The Treasury Ministry, which oversees state assets, said on Wednesday that selling its controlling holding would endanger the company's strategy and limit the value of other Polish chemical makers.
"The view expressed by the Polish treasury is more and more surprising to us, as it shows a lack of consistency on the part of the ministry," Acron's deputy head Vladimir Kantor said in a statement. "Acron's bid is an answer to (Poland's) privatization plan for 2012-2013."
Poland is seeking to raise 15 billion zlotys from privatization before the end of 2013, but the sale of state assets to Russian companies is a sensitive issue given the historical tensions between the two countries.
Highlighting the often testy relationship, Polish and Russian soccer supporters clashed on Tuesday when the two neighbours played each other in the Euro 2012 tournament in Warsaw.
Earlier this month, sources told Reuters that the ministry was seeking another bidder to avoid selling its top chemicals group to a Russian rival.
Shares in Tarnow have traded above the 36 zlotys per share offered by Acron, implying investors expect the bid to be sweetened or a "white knight" with an alternative offer.
"We continue our bid for Azoty Tarnow shares," Kantor said. "We believe that as the strategic investor we can ensure long-term benefits both for the group's Polish units as well as all of its shareholders."
