The board of Oltchim said Friday it will hold a press conference entitled “The Biggest M&A Event in Romania”.

According officials from the Ministry of Economy, the majority shareholder of Oltchim, the takeover of Arpechim’s petrochemical business, Petrochemicals Arges is blocked by the minority shareholder, PCC group.

Petrom said it had received few months ago preliminary approaches concerning a possible offer for Arpechim from the Ministry of Economy. Oltchim Ramnicu-Valcea agreed on July 24 to loan the company €62 million to take over and restart operation of Arpechim, a loan that was guaranteed by the Romanian state.

On September 18, PCC group filed a complaint at the European Commission, claiming that the guarantee due to be issued by Eximbank for the €62 million loan to be subject of the investigation opened by European Commission on September 15, or the initiation of a separate investigation into this matter.

Mid November, European Commission said it launched a probe into the €49.6 million guarantee issued by Eximbank for Oltchim, in line with the EC Treaty provisions regarding state aids.