Romanian Regulator Investigates Oltchim Sale
Romania’s antitrust regulator is looking into Chimcomplex Borzesti’s takeover of some of the assets of Oltchim, business newswire SeeNews has reported.
The competition authority said in an Aug. 29 statement that, under its merger regulation, it will examine whether the combination is compatible with a “normal competitive environment”. The regulator added that it will make a decision within 45 days.
In late July, Chimcomplex Borzesti said it had received preliminary approval from the European Commission for the acquisition. Following the merger, a newly formed entity – Romanian Chemical Company – will integrate the industrial operations from both companies.
Oltchim went bankrupt in 2013 and its assets were subsequently sold off in bundles. Chimcomplex Borzesti agreed last October to pay about €126 million for some of the assets, including oxo-alcohols, propylene oxide, polyols and chloralkali operations.