Poland Snubs Acron Hint of Higher Tarnow Bid

Poland is still opposed to Acron's bid for the country's No.1 chemicals maker Azoty Tarnow, despite the Russian group's readiness to raise its 1.5 billion zloty ($434 million) offer, a deputy treasury minister said.

"Acron's readiness to talk about the price for Azoty Tarnow does not change our negative view of the bid," Pawel Tamborski told Reuters on Friday.

"The price in this respect is not the most important. The other, more vital conditions from our point of view are still decisive."

Tarnow and Poland's treasury, which holds 32% stake of the company, are against the bid, as the sale to a Russian group would be a sensitive issue given historic tensions between the two countries.

While Poland is seeking to raise 15 billion zlotys through asset sales by the end of 2013, it continues to hold out against Acron. Earlier this month, sources told Reuters the ministry was seeking another bidder.

Earlier on Friday, a major Acron shareholder was quoted as saying it was ready to talk price in its bid to buy Tarnow. The Russian group has extended its offer three times, with July 13 the next deadline.