Oltchim privatization plans unveiled
By Will Beacham on 17 November, 2010 in Uncategorised
After intervention from the International Monetary Fund (IMF), Romania’s economy ministry aims to sell its 54.79% majority stake in loss-making chemical producer Oltchim, according to ICIS news.
Germany’s Petro Carbo Chem – an activist shareholder is likely to be interested. Economy mnister Ion Ariton is also revealed that Oltchim’s creditors, including Erste Group’s Banca Comerciala Romana could convert debt into shares.
Karoly Borbely, state secretary at the economy ministry, said that two investment funds are interested in buying the state’s stake. I’ve previously reported that these are thought to be US groups.
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