Skip to main content
Sister Publication Links
  • UTECH Asia/PU China
  • UTECH Europe
  • UTECH Las Americas
  • UTECH North America
Subscribe
  • My Account
  • Login
  • Subscribe
  • News
    • Asia
    • Americas
    • Europe
    • M & A
    • Financial results
    • Automotive
    • China auto production keeps sliding in November 2019
      Gree launches new refrigerator project
      BASF breaks ground on China verbund site
      Revenue down but EBITDA up sharply at Sheela in Q2 2019
    • 2019, istock, spray foam, spf, generic, 800.jpg
      Huntsman deal values Icynene-Lapolla at $350m
      Icynene-Lapolla adds SPF product for small insulation jobs
      Adjusted US light vehicle sales likely to be up slightly in November 2019
      Mitsubishi Chemical grows access to US medical supply market with TPU deal
    • PDA Europe meeting attracts 70
      Trelleborg shakes up business to improve profits
      Covestro CO2 technology finalists in President's prize
      High temperature, low viscosity pultrusion resin wins award
    • 2019, istock, spray foam, spf, generic, 800.jpg
      Huntsman deal values Icynene-Lapolla at $350m
      Mitsubishi Chemical grows access to US medical supply market with TPU deal
      Sinomax raises capital through China jv sale
      Huafon's elastane arm stretchs to control PU resin and polyol business
    • EBITDA surged 45% at Grupo Antolin in Q3 2019
      Revenue down but EBITDA up sharply at Sheela in Q2 2019
      Sales down 19% in first nine months of 2019 at Pianki
      Despite sluggish markets Rokita drives up polyol sales in first nine months
    • EBITDA surged 45% at Grupo Antolin in Q3 2019
      China auto production keeps sliding in November 2019
      Adjusted US light vehicle sales likely to be up slightly in November 2019
      BASF hikes capacity to help fulfil Hyundai seating commitment
  • Data
  • Information
    • Country Overview
    • Market Sector overviews
    • Technical articles
    • Company profiles and strategies
    • China’s cold chain: supercharged growth, but freezing margins
      Mexico: growth continues despite strong headwinds
      North American PU industry looks good, but it's not all plain sailing
      Opportunities abound in China's market for polyurethane
    • Western Europe's car makers sales were flat in May
      Western European Car registrations fall in March: LMC Automotive
      Japan PU output grew again in 2018, but more slowly
      India’s per capita PU consumption expected to double in next five years
    • Lower emissions with new auto formulation
      Get yourself connected
      Dynamic situations demand two- and three-component cast polyurethanes
      Improving the reliability of PU foam emission testing
    • Lower emissions with new auto formulation
      BASF designing in PU with South East Asia
      Get yourself connected
      China’s cold chain: supercharged growth, but freezing margins
  • Events
    • Exhibitions
    • Conferences
    • Webinars / Livestreams
    • Become a Speaker
  • Advertise
  • Contact Us
  • Digital Issues
  • Subscribe
MENU
Breadcrumb
  1. Home
  2. News
September 26, 2012 12:00 AM

Oltchim sale confusion as winning bidder questions contract

Utech Staff
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    By European Plastics News staff

    London -- The long awaited sale of Romania's heavily indebted polymer and chemical company Oltchim was thrown into turmoil after the winning bidder refused to sign the sale contract.

    Romania's Prime Minister Victor Ponta threatened today to reopen the privatisation process in six months time if the auction winner, Romanian TV mogul and politician Dan Diaconescu fails to sign the deal this week.

    Ponta, speaking at a press conference, warned of legal action if Diaconescu did not have enough money to pay the sum of €45 million ($58 million) he bid, said national press reports.

    On 24 Sept, Diaconescu refused to sign the contract presented by the government's Office of State Ownership and Privatization in Industry (OPSPI), claiming it had "missing clauses, provisions and annexes", and that the document "differed from the form announced simultaneously with the contract specifications", reported the online news service Romania-insider.com .

    Last week, Diaconescu was among four bidders vying to take over the Romanian government's 54.8 percent stake in Oltchim whose total debts have risen over recent years to a staggering €700 million. It lost €46.8m last year.

    The auction also included Duisburg, Germany-based chemical company PCC SE, which already holds an 18.3 percent share of the firm and offers from two Romanian companies: Chimcomplex and Aisa Invest.

    Russian oil and gas giant Gazprom expressed an interest, but withdrew at the last moment. Romania's government said it wanted a bid from a large Russian firm which could supply oil to Oltchim's Arpechim refinery.

    Râmnicu-Valcea-based Oltchim, a PVC producer, was forced to shut down last month due to a cash shortage. The privatisation procedure has led to mass protests by Oltchim's 3300 workers and 17 executives including its ceo resigned.

    PM Ponta said he wants to restart the company with a new management and a loan from its privatisation fund before relaunching the sell-off process next year.

    His government has been under pressure from the International Monetary Fund (IMF) for months to sell off Oltchim as a condition for future economic support.

    ---
    This story first appeared on our sister publication, European Plastics News "

    Latest Issue
    View All Archives
    Get our newsletters

    Breaking news and in-depth coverage of essential topics delivered straight to your inbox.

    Subscribe today

    Register to access our archive of leading information on the plastics industry.

    Subscribe now
    Connect with Us
    • Twitter
    • LinkedIn
    • Facebook
    • Youtube

    Register to access our archive of leading information on the polyurethanes industry.

    Logo
    Contact Us

    Office 127,
    61, Willow Walk,
    London
    SE1 5SF
    E-mail us
    +44 (0) 203 287 5979

    Customer Service:
    +1 313 446 0450

    Resources
    • Advertise with Us
    • Media Kit
    • Staff
    • Ad Choices Ad Choices
    • Sitemap
    Legal
    • Terms and Conditions
    • Privacy Policy
    Copyright © 1996-2019. Crain Communications, Inc. All Rights Reserved.
    • News
      • Asia
      • Americas
      • Europe
      • M & A
      • Financial results
      • Automotive
    • Data
    • Information
      • Country Overview
      • Market Sector overviews
      • Technical articles
      • Company profiles and strategies
    • Events
      • Exhibitions
      • Conferences
      • Webinars / Livestreams
      • Become a Speaker
    • Advertise
    • Contact Us
    • Digital Issues
    • Subscribe