PCC SE is not planning to launch a tender offer for the shares of "Oltchim" Râmnicu Vâlcea (OLT), at least for the time being. On the other hand, the company is interested in participating in the privatization of the plant, the representative of PCC for Romania said for BURSA.
The statement comes as PCC SE announced on Monday evening, that it is acting in concert with investment fund Carlson Ventures, and that together they hold about 31% of the share capital of the plant.
Capital market legislation stipulates that shareholders of a company that are acting in concert are required to make a tender offer when they reach the 33% threshold, but PCC SE could have announced a tender even though it is below this threshold, if it wanted to.
"We don"t intend to announce a tender offer at this time, given the fact that the privatization process has been announced. We think that the best solution is to participate in a legal and transparent privatization process", said Wojciech Zaremba, who added: "The fact that PCC SE, as a strategic investor has the support of a financial investor such as Carlson represents a positive signal for the market and for the future of Oltchim. At this time, our goal is to prepare for the privatization process and to draw up a restructuring and development plan for Oltchim".
Mr. Zaremba avoided saying whether PCC SE was interested in buying more shares of Oltchim in order to reach the 33% holding threshold.
Prior to the announcement of Monday night, there was speculation in the market that PCC SE and Carlson Ventures may be acting in concert. A few weeks ago, the Romanian National Securities Commission asked Carlson Ventures to state whether or not they were acting in concert with PCC SE, but the company gave a negative answer.
The two minority shareholders announced that they have signed a memorandum on June 1
