Police chemicals firm welcomes a tender offer on 66% of its shares by its market peer Zaklady Azotowe Tarnow (Nitrogen Works), as it identifies several synergy effects of a potential merger, Police wrote in a press statement.
"A successful merger of Police and ZA Tarnow would mean the creation of a strong capital group that could compete with Europe's biggest chemical companies," Police CEO Krzysztof Jalosinski said as quoted in the statement.
ZA Tarnow chemicals announced a tender offer for 66% in market peer Police at 11.5 zlotys per share, the company said in an offer document on Wednesday. The tender offer will succeed if Tarnow exceeds 51% in Police, the offer document said.
The price seems unattractive for sellers, which might imply that the transaction has been arranged with the Treasury and ZA Tarnow will take control over Police, equity strategy director at AXA TFI Adam Drozdowski told the daily Puls Biznesu.
ZA Tarnow board's strategic advisor Robert Gwiazdowski told the daily Parkiet he is in favor of further takeovers by ZA Tarnow, viewing Czech chemicals group Spolana, owned by listed Polish chemicals firm Anwil, as the possible next acquisition target for Tarnow.
At some point, Tarnow could also buy the Treasury's minority stake in chemicals firm ZAK, in which Tarnow already has a controlling stake, but this is not the priority at present, Gwiazdowski said.
The Treasury hasn't taken a decision yet, it is analyzing the offer, spokesperson for the Treasury Ministry Maciej Wewior said.
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