The proposal is subject to shareholder approval at a meeting scheduled for May 30.
Arctic owns a refrigerator plant in Gaesti, Dambovita county, southern Romania, and employs 2,500 people.
In 2012, the company reported a turnover of EUR307 million.
Arçelik group has invested EUR108 million in the plant so far, with the latest investment into a new refrigerator production line.