April 4, 2013 / 1:36 PM / 6 years ago

Polish entrepreneur to offload agricultural holdings-sources

WARSAW, April 4 (Reuters) - Zbigniew Komorowski, one of Poland’s richest men who built a fortune from grain and dairy markets after Poland’s democratic transition in 1989, is selling most of his agricultural holdings in a disposal that could be worth up to 1.1 billion zlotys ($337 million), people familiar with the plans said.

Komorowski wants to cash out of the country’s biggest rapeseed oil producer Komagra, flour maker Polskie Mlyny and biofuel firm Bioagra Oil, the sources said.

“Teasers have been sent,” one of the sources said, referring to documents to potential buyers.

Another person familiar with Komorowski’s plans said he was advised by Vienna Capital Partners.

Komorowski and Polskie Mlyny were not available for comment. Wieslaw Dziag, the chief executive of Komagra and member of the management board at Bioagra-Oil, declined to comment.

Investment bankers value the assets at 6 to 7 times their combined core profit (EBITDA) of about 160 million zlotys, or as much as 1.1 billion zlotys.

Potential buyers of the assets, which some of the sources said could be sold separately, include foreign rivals, such as Glencore.

Komorowski will hold on to his dairy product maker Bakoma, which competes with much bigger international rivals such as Danone.

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