POLAND: Bialystok D-Day has arrived

By | 25 May 2005

A decision on the three competing bids for Polmos Bialystok is expected today (25 May), according to press reports. News agency PAP said yesterday that the Polish Treasury Minister will look at the renewed bids for the vodka company and possibly sign a conditional sale agreement with a prospective investor.

The agency quoted Treasury Minister Jacek Socha saying: "We'll decide on Wednesday who gets exclusive bargaining rights for the purchase of Polmos Bialystok's shares. We want the last stage of the process to be transparent and not raise doubts. We proposed investors raise price (sic) for Polmos' shares and we're awaiting corrected offers on Wednesday."

The corrected offers will go to the tender commission for consideration on the same day, Socha added.

"If everything is technically fine, we'll be able to endorse a conditional sale agreement, subject to the approval from the Office for the Protection of Consumers and Competition (UOKiK)," Socha said.

Three companies are in the bidding for the 61% stake in Bialystok - Polmos Lublin, Sobieski Dystrybucja and Central European Distribution Corporation. The three were told earlier this week that their initial bids were too low. An IPO earlier this year for the other 39% of the vodka company raised PLN304m. The government is hoping to raise over PLN1bn from the sale of the vodka maker.

Sectors: Spirits

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