German group PCC, which operates in the chemical industry, has acquired stakes on the Stock Exchange accounting for almost 2% of the Ramnicu Valcea-based chemical plant Oltchim, according to market sources. The stake the German group holds in Oltchim will rise to almost 20%, after the company's capital is cut by a reduction in the state's stake, from 95% to 53%.
As a result, PCC could become a serious candidate for taking over Oltchim, a plant that the state has been trying to sell for several years. In fact, PCC's president, Waldemar Preussner applied for a position as a member of Oltchim's Board of Directors last month, but was not elected, with the Romanian state still formally holding 95% of the voting rights.
PCC took over the biggest stake in Oltchim from the Lindsell investment fund, which is managed by the American group New Century Holdings (NCH). PCC then continued to buy Oltchim shares from the market, explain the quoted sources. Oltchim's quotation on the Stock Exchange has increased by 160% over the last three months, with the highest leap coming after the sale of the stake held by Lindsell.
Contacted by ZF, PCC representatives did not wish to comment on information concerning Oltchim share purchases or on Waldemar Preussner's candidacy for a position as a member of the Board of Directors at the chemical plant.
PCC has global business worth 875 million euros and 3,200 employees. Although registered in Germany, the company mainly operates in Poland, where the group has taken over several chemical plants within the last few years. The group also holds a railway transport operator in Poland, which operates a volume of over 11 million tonnes in transported goods.
Oltchim's share capital will be reduced around 11 times, under a government emergency ordinance, which was approved at the beginning of this year. The shares which will
