Oltchim Ramnicu-Valcea has confirmed it is in advanced talks with Petrom about taking over the petrochemical operations of Arpechim, the agreement following to be concluded as soon as the deal is approved by Petrom’s supervisory council, according to a filing to Bucharest Stock Exchange.
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.
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