No investors interested in taking over Oltchim


No investor has managed to submit a purchase offer for the Oltchim SPV shares owned by Oltchim SA before the deadline. The consortium of legal administrators will call for a creditors’ meeting and vote on rescheduling the procedure. The purchase offer submission deadline expired Friday, March 28, 11.00 a.m.
Four potential investors have purchased the presentation book containing details on the procedure and stages of the process of selling Oltchim’s production flow.
“An offer was submitted by a potential investor after the deadline. According to the presentation book, the respective offer was not taken into consideration and will be sent back,” a press release issued by Oltchim legal administrators shows. According to sources cited by evz.ro, the potential investor was presumably a Swiss investment fund. The same sources claim the new purchase offer submission deadline is end-April.
Recently, rumors that a Chinese consortium was allegedly interested in taking over the chemical plant from Valcea have been circulated in the media. “Our hope is that within this time interval (editor’s note – within 30 days of the initial deadline) the takeover of the OMV refinery (editor’s note – Oltchim integrated with Arpechim) will be successful, and the buyers of Oltchim will subsequently also purchase this refinery, in order to create an integrated production cycle. Minister Constantin Nita will arrive on Tuesday to discuss these aspects, as well as the plant’s organizational chart,” Corneliu Cernev, leader of Oltchim’s Victoria union, stated.

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