December 18, 2009 / 10:33 AM / 9 years ago

German PCC says placed bid for three Polish rivals

WARSAW, Dec 18 (Reuters) - German chemical group PCC placed a bid to buy three Polish rivals Ciech CECH.WA, Tarnow (ATTP.WA) and ZAK, PCC supervisory board chief said on Friday.

The Polish treasury plans to sell its 37 percent stake in Ciech, 53 percent in Tarnow and 86 percent in ZAK as part of a massive privatisation programme, which it hopes to yield some 36 billion zlotys ($12.4 billion) to help finance a gaping budget hole. [ID:nLDE5BH059].

“We placed a final bid for all three... but it seems there will be discrepancies between what the treasury ministry expects and reality,” he added without elaborating on the offer,” Waldemar Preussner told reporters.

Also on the shortlist of bidders for the three companies are Lithuania’s UAB Achema, National Qatar Industries Company, Polish fund Mistral and private equity investors Bain Capital and Cinven [CINV.UL]. ($1=2.906 zlotys) (Reporting by Filip Kochan; writing by Adrian Krajewski; Editing by Mike Nesbit)

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