Privatization of Romania chemical group Oltchim moves up a gear
By Will Beacham on 26 October, 2010 in Uncategorised
Trawling through my Google Reader I found this story which suggests the privatization of Romania’s Oltchim could be moving into gear. This press report suggests that investment funds may be interested in buying a stake. But I would have thought that the existing international investor, Germany’s PCC, would be the obvious candidate to boost its stake in Oltchim.
According to seenews.com, two investment funds including one from the US, are interested in buying stakes, quoting news agency Mediafax.
“The state wants to privatise Oltchim by selling the majority stake. There are already two investment funds interested in buying stock,” Mediafax quoted Karoly Borbely, state secretary at the Economy Ministry, as telling a news conference on Monday.
Last week the ministry discussed with a visiting International Monetary Fund mission the sale of quity in Oltchim and mining company Cuprumin.
Oltchim has a share capital of 34.3 million lei ($11.2 million/8.0 million euro). The economy ministry owns 54.79% in the company, and Germany’s PCC group holds a 12.16% stake.
In 2005, Hungary’s Borsodchem was interested in acquiring Oltchim.
Picture credit http://www.bloombiz.ro/business/oltchim-a-afisat-pierderi-de-37-2-milioane-lei-in-primul-semestru_40941
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