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PCC SE drops from Oltchim tender

January 28/2014

MOSCOW (MRC) -- German chemicals, energy and logistics group PCC SE and Israeli investment fund Fortissimo Capital  have decided not to take part in the privatisation of Romanian insolvent chemicals producer Oltchim, said Seenews

"We have decided, together with Fortissimo Capital, not to take part in the tender that will select the new owner of Oltchim. The current situation of the plant and the conditions of the tender procedure have led us to this decision," PCC SE representative in Romania Wojciech Zaremba said in a statement.

PCC SE holds a 32.3% stake in Oltchim.

Romania will select on February 3 the buyer of Oltchim SPV, a special purpose vehicle that comprises the core business and assets of the insolvent chemicals producer, its judicial administrators said in December. Binding bids can be filed by 1000 CET on January 31.

Besides PCC SE and Fortissimo Capital, a consortium led by Romania's Chimcomplex Borzesti and Russia's Oil Gas Trade has also entered the pre-selection procedure for the privatisation of Oltchim, the Romanian economy ministry said in November, adding that China's Baota Petrochemical Group and Junlun Petroleum are also interested in taking part in the race.

Oltchim was declared insolvent on January 30 last year. Romania tried unsuccessfully to sell its 54.80% stake in Oltchim in 2012.

Oltchim's total loss shrank to 39 million euro ($52.9 million) in the first nine months of 2013 from 70 million euro the same period of 2012.

Based at Ramnicu Valcea in southern Romania, Oltchim produces caustic soda, petrochemicals, agrochemicals, inorganic products and building materials, including insulating PVC for panels, doors and window frames.
Author:Anna Larionova
Tags:kaustik, polyvinyl chloride (PVC), min.udobreniya, Oltchim, Romania.
Category:General News
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