Poland's leading vegetable-oil producer ZT Kruszwica, owned by Dutch food group Bunge, expects to finalize the integration of three smaller rivals no later than early 2007, ZT Kruszwica CEO Tommy Jensen told a press conference Thursday.
Kruszwica plans to integrate three sector firms - Ewico, ZPT Olvit and OlvitPro - in exchange for new ZT Kruszwica shares, with the value of the companies set as PLN 381.5 mln for Kruszwica, PLN 151.4 mln for Ewico, PLN 93.5 mln for ZPT Olvit and PLN 32.5 mln OlvitPro.
After the merger ZT Kruszwica shares will remain on the Warsaw Stock Exchange.
The merger will make ZT Kruszwica the biggest vegetable-oil company in Poland and one of the bigger ones in Central Europe. The company will have three plants in Gdansk in northern Poland, one in Kruszwica in western Poland and one in Brzeg in southern Poland. It will also have a plant in Warsaw through its subsidiary ZPT w Warszawie S.A.
ZT Kruszwica is currently working on a detailed strategy for the merged company and development plans for individual plants.
ZT Kruszwica is a part of global seeds and vegetable-oils producer Bunge Group, based in Amsterdam, which owns an 82.37% stake in Kruszwica. |