Written on 04.10.2012 - Industry
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Oltchim sale a birthday surprise

Dan Diaconescu has won the bid in the Oltchim privatisation, with an offer worth RON 203 million (~ EUR 45 million). All four offers including those from PCC SE of Germany were handed in to the Romanian Office of State Ownership and Privatization in Industry by the 20 September 2012 deadline, were accepted, so an open competitive auction decided the result.

The original deadline had been 17 September 2012, Russian energy giant Gazprom asked for an extension, although eventually the company did not participate in the tender, leaving the initial three bidders to participate again.

Media mogul Dan Diaconescu, owner of OTV television station and also head of the political party Partidul Poporului whose offer was submitted ten minutes late, said he had doubled his previous offer and now had a foreign backer. Diaconescu also described his offer as a birthday surprise for Prime Minister Victor Ponta, who turned 40 on 20 September 2012. Diaconescu said he wants to sign the privatisation contract as soon as possible and transfer the money to the company accounts immediately, to pay salaries and ensure the business has sufficient working capital. Diaconescu’s win has triggered a debate in the media, and amongst politicians, as many fear he does not have the money to take over the producer.

The other participants in the auction were PCC SE, a company registered in Germany and already a minority shareholder in Oltchim and businessman Stefan Vuza, who made two offers via Chimcomplex and Aisa Invest. He said the offers made had been improved.

Romania’s Government approved earlier in August the privatisation strategy for Oltchim Ramnicu Valcea, where the state will sell the 54.8 % it owns in the company, as well as the debt package held by AVAS, worth some EUR 400 million.