* Four companies, interested in the plant
* The government is preparing an emergency ordinance to prevent the minority shareholders from voting against the debt to equity conversion
* Lawyers say the ordinance is illegal
* Trading in OLT has still not been halted
The Romanian authorities have begun moving swiftly in the privatization of "Oltchim", immediately after receiving the agreement of the European Commission for the conversion of the receivables of the AVAS into stock.
The announcement concerning the privatization of the block of shares of 54.80% in OLT owned by the state was published yesterday by the Office For The State's Interests and Industrial Privatization (OPSPI).
In yesterday's issue, the BURSA newspaper presented the method which the Romanian state will use for the sale of the stake in the plant.
The authorities have announced that they have opted for a combined method, which involves a first negotiation stage based on preliminary non-binding offers, followed by a sealed-bid auction.
The sale price will be made public through another announcement which will be released at least 30 days before the holding of the sealed-bid call for tenders.
The potential bidders will be informed that, throughout the privatization process, a change in the size of share capital of Oltchim is possible, and implicitly of the block of shares put up for sale, following the conversion into stock of the company's debt towards the AVAS (ed. note: Authority for State Assets Recovery).
* Negotiations with "OMV Petrom" for "Arpechim"
Any persons interested in the offer of "Oltchim" are notified that "for the purpose of a potential vertical integration of the activity of Oltchim and of that of the Arpechim Piteşti refinery (currently owned by OMV Petrom and traditional supplier of Oltchim), without subjecting
