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The European Commission has given its preliminary approval for the merger Chimcomplex - Oltchim

The European Commission has given its preliminary approval for the merger Chimcomplex - Oltchim

The Directorate General for Competition of the European Commission recently issued Letter of Comfort on the procedure for sale of assets of Oltchim SA Chimcomplex Borzesti.

The acquisition of Oltchim's assets by Chimcomplex, a merger that will lead to the formation of the Romanian Chemical Company, will go right.

 

The Directorate General for Competition of the European Commission recently issued Letter of Comfort on the procedure for sale of assets of Oltchim SA Chimcomplex Borzesti.

 

Expected six months, the letter confirms that the terms and conditions underlying the current process of sale does not indicate a possible economic continuity between Oltchim SA and buyers assets Chimcomplex Borzesti, sending a signal of approval and confidence in the transaction financial environment in Europe. Expected for 6 months, the letter confirms that the terms and conditions underlying the current sale process does not indicate a possible economic continuity between Oltchim SA and the buyers of assets, Chimcomplex Borzesti, thus sending a signal of approval and confidence in the transaction to European financial environment.

In the last two months, the audits and Due Diligence reports made by PricewaterhouseCoopers (PWC) and Jacobson London have been completed and have been offered to potential financiers that in the coming weeks will make binding offers.

"The successful conclusion of this transaction is of major importance for the revival of the chemical industry in Romania, aiming at integrating and developing an industrial complex that will become oneof the most important players in the Romanian chemical industry and in South Eastern Europe ", says Virgiliu Bancila , chairman of CA Chimcomplex.

"I would like to express my gratitude for the two meetings we had last month with the Minister of Economy, Mr. Danut Andrusca, and with his ministry experts, following which we established togethera strategic cooperation plan open to public-private partnership. It has been established that the priority is the completion of the transaction, for which both parties will work together, and secondary is the end of the transaction. The chemistry branch is of strategic importance for Romania and deserves to be supported by all decision-makers as it provides the development of the entire economy horizontally, "adds President Bancila.

We refer here to: gas processing, where Romania excels, to the electricity consumption that is produced in the country (now we are exporting electricity from the lack of large industrial consumers) and thousands of jobs.

We will rebuild, finally, the pride of being a chemist in Romania by decent wages, provided the investments to come, namely 117 million euros in the first three years after the acquisition of Oltchim and 450 million euros starting with the year 4", concluded the head CA from Borzesti.

Given the type of transaction (the largest in Eastern Europe this year), the finalization of this merger is assisted by Deloitte London's senior advisor. Chimcomplex representatives had a series of successful meetings last week in London with investors with experience in the field and in such transactions in Eastern Europe, and soon the entire financing process will be completed.

The Romanian Chemical Company will integrate the industrial platforms from Chimcomplex Borzesti and Oltchim Ramnicu Valcea after the conclusion of the purchase transaction by Chimcomplex Borzesti of the 1-5 asset groups and partially 7 by Oltchim.
 

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CHIMCOMPLEX SA BORZESTI BORZESTI