Economy Minister may derail Ciech's ambitious plans

2008-09-12 00:00
2008-09-12 00:00
By the end of September Ciech, nitrogen plants ZA Tarnów and ZA Kędzierzyn will sign a consortium agreement which will mark the preliminary phase of the companies' integration. The consortium will be concluded with purchasing Orlen's 84.79 percent stake in Anwil.

The concerns are looking for cash to finance the investment and to this end they might need to raise around zł.1.7 billion. "There is enormous interest from banks to finance this transaction. We receive proposals that the consortium settles the deal entirely with loans. We shall not opt for this however," said Ryszard Kunicki, president of Ciech.

According to initial proposals, 10-20 percent of the total would be provided by the firms with Ciech delivering 51 percent of the capital and nitrogen plants - 49 percent. However, these plans might be complicated by the announcement of Economy Minister Waldemar Pawlak who declared on Thursday that he was disturbed by the fact that Orlen was resigning from acting as a chemical sector integrator.

"I do not comment on politicians statements. I use business criteria in my actions," said Ryszard Kunicki. Waldemar Pawlak did not provide further comments on this issue.

Source: Puls Biznesu (M.M.)

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