“In the shareholder meeting at Oltchim, the majority holder, the Economy Ministry, is blocked in some decisions because it no longer has two thirds of votes together with other minority holders. For example, when it comes to decisions of share capital increases, procurement or mergers, the state no longer has the necessary votes,” Roibu told MEDIAFAX.
This situation was reached, according to Roibu, when PCC SE and Carlson Ventures started holding a 31.3% stake between them.
Romania holds 54.8% in Oltchim.
PCC SE and Carlson Ventures announced on June 20 that they are acting in concert to buy stock in Oltchim. PCC SE holds 17.28%, while Carlson Ventures owns 14.02%.
In addition, PCC SE and Carlson Ventures are acting in concert with two PCC managers, Wojciech Zaremba and Adam Lamentowicz, as well as one of the company’s lawyers, Livia Constantinescu. The three hold stakes of 0.00145% each in Oltchim.
“The honest thing to do here would be for PCC and Carlson to buy stock until their reach 33%, then file for takeover,” Roibu said.
PCC and Carlson said they do not plan to file a takeover bid for Oltchim.
Roibu said he informed economy minister Ion Ariton on this latest development, and the minister replied he would “act”.
The government plans to sell the state-owned shares in Oltchim by the end of the year.
Oltchim has a share capital of 34.3 million lei (EUR8.2 million), divided into 343 million shares with a face value of RON0.1.
Oltchim stock was trading mid-Tuesday at RON2.16 per unit, up 7.89% on the day. (EUR1=RON4.1817)