Offer of over EUR 100 M for Oltchim. EC, notified about the selling arrangement

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The plans of local Chimcomplex Borzesti, one of the most important chemical producers in Romania and owned by businessman Stefan Vuza, regarding the purchase of Oltchim chemical plant in Ramnicu Valcea, continue.

The Romanian businessman told that his bid exceeds EUR 100 million, but is only interested only in Oltchim chemical plant without the Arpechim Pitesti petrochemical platform in Bradu, Arges County, quotes, without giving other details.

Chimcomplex owner says he wants a functional Oltchim and not “cut for scrap, as maybe some investors intend to do it.”

“Our plan is to continue the production and investments at the chemical plant in Ramnicu Valcea. In this regard, we have two investment packages. An initial investment package of EUR 38 million in the first year includes 22 measures, while the second package reaches EUR 80 million. The third investment package, the last one, worth EUR 300 million. Another EUR 35 million are prepared for environmental issues,” Vuza explained.

In the last three years, Chimcomplex submitted three offers to buy Oltchim and had several correspondences with the authorities.

Meanwhile, the representatives of the Economy Ministry announced that the European Commission (EC) has been notified about the selling arrangement that was established within the judicial reorganization by the creditors.

“To successfully achieve the sale of the company and maximize its revenues it was set the alternative offering the potential purchaser legal security, in accordance with the measures expressly provided for the current form of the reorganization plan and the additional constraints derived from the requirements of regulations in aid state. Thus, the sale of assets package was chosen as option. The announcement of entry into the stage of receiving bids from the investors interested in the assets packages was made by the company during this week,” Ministry of Economy noted.

The institution announced recently in a press release that Oltchim Ramnicu Valcea is put on sale through nine packages of assets, the Economy Minister Costin Borc expecting the company to have a binding offer by year-end.

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