Romania shelves Oltchim privatization

The Romanian government has shelved plans to sell its majority stake in Oltchim (Ramnicu Valcea, Romania) after the selected bidder, Dan Diaconescu, did not submit required documents. The government says it will instead aim to complete Oltchim's privatization in 2013. The government's privatization agency announced on 21 September 2012 that Diaconescu had won an auction to purchase the state's 54.8% stake in Oltchim for 203 million lei ($58 million). However, Diaconescu did not provide documents to show that he has the necessary funds to complete the transaction...

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