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Poland: clearance for consolidation of Poland’s largest chemical companies

Poland
21/01/2013
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The European Commission has approved the acquisition of Zakłady Azotowe Puławy (ZA Puławy) and its subsidiaries by Zakłady Azotowe w Tarnowie – Mościcach (ZA Tarnów).

The Commission confirmed that the transaction is compatible with EU anti-monopoly laws and gave it unconditional clearance. It found that the transaction did not raise competition concerns as the merged business would continue to face a number of strong competitors within the EEA market for nitrogen fertilizers.

Both companies are active in the chemical sector, and both are listed on the Warsaw Stock Exchange. ZA Tarnów is Poland’s largest chemical company, in which the Polish State Treasury holds a stake of more than 32%.

After the merger, ZA Tarnów will hold 83.7% of the total votes at ZA Puławy’s General Meeting.

Interestingly, this transaction follows an unsuccessful hostile takeover bid of ZA Tarnów by the Russian chemical company, Acron. ZA Tarnów decided to announce a bid to purchase shares of ZA Puławy and at the same time promised newly-issued shares in ZA Tarnów in exchange for their ZA Puławy shares. This was done by the State Treasury to thwart the hostile takeover of ZA Tarnów and enable the consolidation of two major Polish chemical companies.

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