WARSAW, July 16 (Reuters) - Polish synthetic rubber maker Synthos sees little chance for success of its takeover bid for chemicals maker Pulawy, after Poland moved to merge Pulawy with No.1 player Tarnow, Synthos chief executive said on Monday.
Synthos launched a 1.96-billion zloty ($572 million) bid to buy state-controlled Pulawy, but the treasury ministry, which oversees state assets, tried to fend off bidders in the chemical sector by plans to consolidate it around Tarnow.
Tarnow, itself a target of an unsolicited bid from Russian rival Acron, placed a counter offer for Pulawy last week, with Tarnow shareholders also approving a share increase to buy the fertiliser maker.
“From the formal point of view, the cash call has to take place, but chances for it are weak in my opinion,” Synthos CEO Tomasz Kalwat told Reuters.
“We respect the treasury’s stance and do not intend to raise our price.” ($1 = 3.4268 Polish zlotys) (Reporting by Pawel Bernat; writing by Adrian Krajewski)