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New Privatization Plan in Poland
On July 22, 2009, Poland's Ministry of Treasury announced a comprehensive privatization proposal to accelerate the privatization of most of the Government's remaining shareholdings. The companies to be privatized are from the following sectors:
Banking and Finance
Energy and Power Generation and Distribution
Chemical
Petroleum
Machine and Equipment Production
Metals
Electronic
Alcoholic Beverages
Food
Wood and paper
Furniture
Clothing and Textiles
Transport and Freight
The Treasury's new proposal would greatly expedite the privatization process and add many more companies to the existing list of 740 company shareholdings to be privatized. Many of the company shareholdings to be privatized would involve all or a controlling shareholding interest in the respective companies.
While the proposal has not yet been approved by the Government, it will be considered for approval in the next week or two. If approved, it is believed by some economists that it would constitute the culmination and completion of the privatization process in Poland. The Government expects that the funds generated from the privatization plan would be able to reduce the growing public debt, as they expect to raise approximately $12.2 billion by the end of 2010.
If you are interested in obtaining more information about the program and the specific companies to be privatized, as well as the process of participating in the program as a potentially interested bidder, we can assist you in the U.S., Canada, Mexico, China and Poland.
For more information, please contact your Miller Canfield lawyer or the authors:
Richard A. Walawender
walawender@millercanfield.com
T: +1.313.496.7628
