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Poland's Synthos says may bid for Brzeszcze coal mine

Published 2015-09-08, 04:06 p/m
Poland's Synthos says may bid for Brzeszcze coal mine
SNS
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TPE
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KRYNICA ZDROJ, Poland, Sept 8 (Reuters) - Polish chemicals
maker Synthos SNS.WA may submit an offer to buy the troubled
state-run Brzeszcze coal mine, Michal Solowow, Synthos major
shareholder said on Tuesday.
"We are looking at the Brzeszcze privatisation project and
we do not rule out submitting an offer. We are not the front
runner in this tender, but Brzeszcze is our natural neighbour
and we use 400,000 tonnes of coal a year," Solowow said.
Poland has announced a public tender to sell Brzeszcze,
meeting one of the conditions set by state-run company Tauron
TPE.WA for it to submit an offer. ID:nL5N112206
Up to date Tauron has been the only investor to express an
interest in buying the ailing coal mine in southern Poland.
Tauron had said it would offer to purchase some Brzeszcze
assets for a "token sum" but only if the sale was made as part
of a public tender.
The condition was set because of the risk of the miner
potentially having to return funds deemed as illegal public aid.
Tauron buying Brzeszcze assets is a part of a government
plan to involve its power companies in the rescue of troubled
mining company Kompania Weglowa.
Kompania Weglowa owned Brzeszcze until May when it was
transferred to state-owned firm SRK, which specialises in the
overhaul of mining businesses.
Finding an investor for Brzeszcze was also a part of an
agreement signed at the start of the year between the government
and the mining trade unions, which threatened possible strikes
from October.

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