Within the next few days Polish Chemical Consortium (PKCh) will be established by Ciech, and nitrogen plants ZA Tarnów and ZA Kędzierzyn

All three companies are preparing to take over Anwil's 85 percent stake from PKN Orlen with negotiations likely to be commenced in January. The price of the transaction is yet unknown, but the sector estimates this figure to be between zł.1 billion to zł.1.5 billion, but Orlen hopes to raise the price if the number of interested entities increases.

"We shall not aim at taking over Anwil at any cost," said Ryszard Kunicki, president of Ciech. The firmwill control a 50 percent stake in PKCh, while Tarnów and Kędzierzyn will own 25 percent each. The acquisition of Anwil should initiate consolidation of the Polish chemical sector, but some fear that these plans drafted and published by the State Treasury in the fall could be blocked due to the global financial crisis.

However, there is apparently large interest in the Polish chemical sector, as well as from Arab investors.

Source: Rzeczpospolita (M.M.)