Italian group Beltrame won the tender and will buy for EUR 38.3 mln plus VAT the core assets of bankrupt Romanian steel plant COS Targoviste, which operates an integrated rebar production cycle, Profit.ro reported.

The creditors, of which the biggest one is the Romanian state, approved the deal. Another creditor, Austrian company Linde, will receive some of the assets related to its activity.

COS Targoviste was owned by the Russian group Mechel who passed it to the Cyprus-based offshore Mazur Investments Ltd., with over 86% of the shares.

Besides Beltrame, Liberty Steel and Liberty Galati from the GFG Alliance group of the Gupta Indian family placed a bigger bid for COS Targoviste’s assets. However, Liberty group required quick resumption of operations - which was a condition seen by creditors as difficult. Only if the deal with Beltrame fails, the creditors will invite the Liberty group to negotiations.

(Photo: David Tadevosian | Dreamstime.com)

andrei@romania-insider.com