ROMANIA’S OLTCHIM ABANDONS TAKEOVER DEAL
October 1st, 2010
BY KEITH NUTHALL
A ROMANIAN chemical company making caustic soda flakes and hydrogen peroxide has abandoned an attempt to takeover a troubled supplier after opposition from the European Commission. It was probing concerns about the legality under European competition law of a Romanian government 80% loan guarantee of a Euro EUR62 million bank loan to help Oltchim buy Arpechim. Such support can only cover investments in fundamentally sound companies.
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A ROMANIAN chemical company making caustic soda flakes and hydrogen peroxide has abandoned an attempt to takeover a troubled supplier after opposition from the European Commission. It was probing concerns about the legality under European competition law of a Romanian government 80% loan guarantee of a Euro EUR62 million bank loan to help Oltchim buy Arpechim. Such support can only cover investments in fundamentally sound companies.
Ends
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