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Chemicals firms Azoty Tarnów (ZAT) and Zakłady Azotowe Puławy (ZAP) have signed an agreement which outlines a plan to consolidate the two companies under the name Grupa Azoty, Parkiet reported.

The consolidation agreement is to be made in two steps. Before October 30, the firms are to sign an agreement regarding the corporate structure, segmentation of business areas, and the continuation of investment projects. Then, within 30 days after registration and increasing ZAT's capital, another agreement will be signed, concerning strategy and synergies.

The Polish Financial Supervision Authority has already received the consolidation prospectus.

“If the exchange of shares happens before the end of the year, then we will sign the consolidation agreement at the end of January,” Jerzy Marciniak, CEO of ZAT, was reported as saying by Parkiet.

One of the strategic goals of the emerging group will be to list Grupa Azoty on the Warsaw Stock Exchange's blue-chip WIG20.

Poland A.M.