Romania’s biggest chemical producer Oltchim Ramnicu Valcea has a second investor that is interested in taking over its assets, namely the German-Polish group PCC, which is a minority shareholder in the company.

PCC will submit offers to buy all of Oltchim’s asset packages, after the company will officially start the sale, according to sources close to negotiations, cited by local News.ro.

Local company Chimcomplex, controlled by the investor Stefan Vuza, will also submit a bid in the tender for the sale of the plant.

According to sources, the authorities have been trying to block PCC from taking part in the tender. However, PCC will submit offers to purchase the assets that are up for sale.

Oltchim Ramnicu Valcea will be sold piece by piece to interested investors, according to the company’s new privatization strategy. It will be split into nine separate asset packages, which will be sold either individually or together to interested investors.

Oltchim went into insolvency in early 2012 due to its big outstanding debts. The company, which had a turnover of almost EUR 500 million in 2007, was forced into insolvency by a series of bad management decision and by the conflicts between the Romanian state and the minority shareholder PCC.

editor@romania-insider.com