The battle for Polmos Bialystok appears to have still further to run. Local reports suggest that Sobieski Dystrybucja, the company which lost exclusive negotiation rights for a majority stake in the vodka company last week, may make an improved offer.

The Polish Treasury Ministry has switched negotiations from Belvedere-owned Sobieski to Central European Distribution Company.

In a report in Polish News Bulletin, Sobieski's CEO, Krzysztof Trylinski, was quoted saying: "We are a legal and fully-fledged participant in the Polmos Bialystok privatisation tender. We believe that price negotiations with us are not over. We will place another offer," he told local reporters.

The Polish Treasury is hoping to raise around PLN1bn from the sale of Polmos Bialystok. An initial public offering of the remaining 39% earlier this year hauled in PLN304m.