Central European Distribution Corporation has entered into exclusive negotiations with the Polish Treasury Ministry to purchase 61% of the outstanding capital stock of Polmos Bialystok as part of the ongoing privatisation of the distillery.

The Polish Treasury Ministry has given CEDC until 6 July to finalise.

In a statement issued late yesterday (21 June), William Carey, CEDC president and CEO, said: "We are pleased to be chosen by the Polish Treasury Ministry to further the discussions that we began last week. We will continue to discuss the share purchase agreement with the Polish Treasury Ministry and are excited to move to this next stage of negotiation, the goal of which is to sign the share purchase agreement.

"We look forward to negotiating with the unions and believe we can agree to a fair and equitable package with them. We will also be applying for approval from the anti-monopoly office during this period of exclusivity."