Chemiczne Police Jumps as Investors Seek to Buy Polish Producer

Zaklady Chemiczne Police SA (PCE), Poland’s second-largest fertilizer maker, jumped the most in two weeks as the government said foreign investors, including Nurol Holding of Turkey, were interested in buying its stake.

The shares rallied 6.4 percent to 10.80 zloty at 10:59 a.m. in Warsaw, rising for a third day.

“Nurol sent us a letter of intent, expressing interest in the sale of the company,” Maciej Wewior, a spokesman for the Treasury Ministry, said by phone today. “Nurol is not the only investor interested in the sale and we also have signals from other potential buyers from Europe and from outside Europe.”

The government in January ended the process of sales of its majority stakes in Chemiczne Police and larger competitor Zaklady Azotowe Pulawy SA (ZAP) without picking buyers as it didn’t receive “satisfactory” offers.

The treasury will likely present its new sale plans for state-owned chemical producers, which also include Azoty Tarnow and Ciech SA (CIE), by early next month, Wewior said.

A preliminary meeting took place and Nurol hasn’t yet evaluated the results or taken any decision, an official for the Ankara-based company said, declining to be named because of company policy.

To contact the reporter on this story: Pawel Kozlowski in Warsaw pkozlowski@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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