Ciech eyes Kedzierzyn stake, chemical makers-paper

WARSAW, July 22 (Reuters) - Poland's largest chemicals maker Ciech CECH.WA wants a stake in state-owned sector peer Kedzierzyn and may spend up to $100 million on top of that to buy small local chemical companies, its chief executive told Parkiet newspaper on Tuesday.

Ryszard Kunicki said Ciech would probably take part in the initial public offering (IPO) of Kedzierzyn, which will issue some 500 million zlotys ($246.4 million) in new shares.

"We are interested in Kedzierzyn," Kunicki, Ciech's acting chief executive, was quoted as saying. "Treasury Minister Aleksander Grad has confirmed the company will go public at the end of this year or at the start of the next."

Kunicki reiterated Ciech would seek a majority stake in fertiliser producers Zaklady Azotowe Tarnow ATTP.WA after it bought 6.5 percent of the company's IPO earlier this year.

Ciech said in its strategy last year it could spend up to 4.8 billion zlotys on a series of investments and acquisitions at home and abroad by 2011. Its only major takeover so far has been the purchase of a German soda maker Sodawerk Stassfurt.

Kunicki said the company, Europe's No. 2 maker of soda used in glass production, could also spend between 150 million and 200 million zlotys to buy several small chemical companies and pesticide producers in Poland.

Grad was quoted in Parkiet as saying the state could sell its 37 percent stake in Ciech next year.

Ciech shares were flat at 61 zlotys by 0846 GMT, valuing the company at about $850 million. (Reporting by Piotr Skolimowski; Editing by Louise Ireland)