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Ramco will not purchase Vinyls Italia

May 19/2010

(Polimerica) -- The group, headquartered in Qatar, has informed the Italian government that it is no longer interested in the purchase of Vinyls Italia, a major PVC manufacturer under bankruptcy proceedings. This nullifies months of negotiations and a "quasi-agreement" reached just days ago in Rome with ENI, the petrochemical group, top management.


One step from signature, after months of negotiations with the ENI group to purchase the plants in the chlorine-soda supply chain along with Vinyls Italia CVM and PVC, in a letter to the Ministry of Economic Development, Ramco stated to be no longer interested in the operation, referring the presumed difficulties encountered during negotiations.


Failure of the negotiations appears to be due to a lack of agreement on the purchase price of the Vinyls Italia business (yet expressly listed in the tender) and the salt works held by the ENI group, as well as to the lack of authorization for a quay within the Porto Marghera petrochemical industrial park.

Ramco will not purchase Vinyls Italia







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