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Croatia rejects Grupa Azoty bid for Petrokemija

16th January 2014
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Poland’s biggest chemicals group Grupa Azoty bid to takeover Croatia's fertilizer maker Petrokemija was rejected, Croatian internet portal Poslovni Dnevnik wrote.

According to the website Grupa Azoty offer was rejected at the initial stage of the privatization process, as the bids were opened just yesterday. No reason was given for the rejection.

Three other offers submitted by Hungary's Bige Holding, Austria's Borealis and Czech Agroferta were accepted.

Croatian’s Economy Minister Ivan Vrdoljak, confirmed that three offers made it into the next round of talks, but did not specify which ones were accepted and which one was rejected.

Polish media had reported last October that Grupa Azoty was interested in acquiring Petrokemija. The company then declined to comment.

The company posted losses in the last several years. Analysts estimate its value at some PLN 325 million.

Poland A.M.

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