September 27 (SeeNews) - Croatian oil pipeline operator Jadranski Naftovod (Janaf) [ZSE:JNAF] said on Wednesday it has lodged a bid for state-owned fertilizer producer Petrokemija under the company's call for recapitalisation.
The bid is conditional and can only be declared binding by the company's general assembly, Janaf said in a filing to the Zagreb Stock Exchange (ZSE).
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On Tuesday, Petrokemija said that Polish chemicals group Azoty has lodged a bid for the company. It also said in a filing to the ZSE it has received several other binding bids but cannot disclose any further details due to a request for confidentiality from potential investors.
The recapitalisation of the company was agreed with the Croatian government in April when it issued guarantees for two long-term loan deals signed with state-owned development bank HBOR and Hrvatska Postanska Banka, as well as a short-term financing deal with Erste&Steiermarkische Bank.
The aim of the recapitalisation is to modernise the manufacturing facilities, provide sources of financing, improve Petrokemija's position on the domestic and regional markets, and to raise the level of efficiency of maintenance, logistics and other services.
The Croatian government controls some 80% of Petrokemija.