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| New Privatisations in the Romanian Economy |
| (2012-09-24) |
| Last updated: 2012-09-25 12:52 EET |
Considered, ever since it was first founded in the 1960s, as one of the landmarks of the Romanian economy, the Oltchim petro-chemical company in Ramnicu Valcea, in the south-west, is the latest of big industrial companies to be privatised in post-communist Romania. One of the most important companies still to be held by the state following the privatisation in the early 2000 of the steel works in Galati, in eastern Romania and Hunedoara, in the centre, Oltchim is now to change its majority shareholder.
Dan Diaconescu, the owner of a tabloid TV station and the founder of a populist, non-parliamentary party bearing his name, has won the tender for the take-over of the almost 55% of the company shares, which are owned by the state. His bid in the tender held by the economy ministry amounted to 203 million lei, the equivalent of almost 45 million euros. The signing of the contract has been postponed, with Diaconescu invoking incongruities in the contract drawn up by the economy ministry.
The bid submitted by Diaconescu does not cover Oltchim’s debts of 400 million euros to the Agency for Recouping State Assets and Electrica. Other bids were submitted by two companies controlled a local business man, Stefan Vuzea, and by a German company which already holds a minority package of shares in Oltchim. The economy ministry says some of the money from selling its shares will go to the company’s almost 3,000 employees who have protested repeatedly in the last few weeks over salary delays.
In another development, the process is due to start this week for the partial privatisation of another company in which the state is a majority shareholder, namely Tarom, the biggest airline operator in Romania. The first step is the appointment of the management board and the director general, whose main task is to sell 20% of the company’s shares.
Also this week, the government in Bucharest will discuss the privatisation strategy for CFR Marfa, the freight division of the Romanian Railways Company, whose sale has been agreed with the International Monetary Fund. The transport ministry will be authorised to sell all the shares held in CFR Marfa by means of an open tender.
The privatisation of Oltchim, Tarom and CFR Marfa has made headlines in Romania, all the more so as there is still a lot of suspicion about some of the transactions in which the big state companies have been sold. Contracts with questionable provisions, purchases for sums that are far below the market value and controversial state aid are some of the irregularities identified by the media in the privatisation of big companies so far.
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