WARSAW — Acron said Thursday that it was determined to go ahead with its 1.5 billion zloty ($438 million) bid for Poland's top chemicals group, Azoty Tarnow, despite the Polish government's unwillingness to sell its 32 percent stake.
The Treasury Ministry, which oversees state assets, said Wednesday that selling its controlling holding would endanger the company's strategy and limit the value of other Polish chemical makers. "The view expressed by the Polish treasury is more and more surprising to us," Acron's deputy head Vladimir Kantor said in a statement. "Acron's bid is an answer to [Poland's] privatization plan for 2012-13."
Poland is seeking to raise 15 billion zlotys from privatization before the end of 2013.