Poland Extends Deadline for Sale of Chemical Firms

Poland agreed to give German chemical group PCC three more weeks to negotiate the purchase of state stakes in chemical producers Tarnow and ZAK, the treasury ministry said on Tuesday. Poland, which is seeking to raise at least 25 billion zlotys ($8.7 billion) from the sale of state assets this year, wants to sell 53% of Tarnow, valued at $123 million by the market, and 86%of unlisted ZAK.

The original deadline for the negotiations with PCC expired on Monday, but PCC and a state body in charge of state assets in the chemical and oil sectors now have until April 12 to reach a deal.