By Pawel Kozlowski and Alexis Xydias
Jan. 7 (Bloomberg) -- Poland is seeking to sell a stake of up to 10 percent in copper producer KGHM Polska Miedz SA today, an offer worth about $750 million, according to terms obtained by Bloomberg News.
The sale of about 20 million shares is being managed by Citigroup Inc., Deutsche Bank AG, ING Groep NV and Bank Zachodni WBK SA, the details showed. No price range was given in the terms e-mailed to clients.
Poland is seeking to raise a record 30 billion zloty ($10.5 billion) from sales of state assets this year to finance a budget deficit that is set to almost double this year.
KGHM, the copper producer with the biggest European mine output, slumped as much as 5.2 percent to 103.3 zloty today, posting the steepest intraday decline in more than a month. The stock traded down 3.8 percent at 104.9 zloty as of 9:54 a.m. in Warsaw, dragging the benchmark WIG20 Index 1.4 percent lower. The stock accounts for 13 percent of the gauge by weighting.
Maciej Wewior, a spokesman for the Treasury Ministry, declined to comment when contacted by Bloomberg by phone.
To contact the reporter on this story: Pawel Kozlowski in Warsaw pkozlowski@bloomberg.net
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