Polish Government Seeks to Merge Tarnów with Pulawy as Acron Raises Offer for Tarnów

The Polish government is considering merging the country’s leading chemicals producer Zaklady Azotowe Tarnów (Tarnów, Poland), currently the target of a takeover bid from Russian fertilizer maker Acron (Velikii Novgorod, Russia), with Zaklady Azotowe Pulawy (Pulawy, Poland), both controlled by the Treasury. Acron announced today that it has raised its original 1.5 billion zl ($441 million) offer by 25% to 45 zl/share. This represents a 47.9%premium over Tarnów's 6-month average market price. The due date for tendering...

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