Romanian Businessman Wins Auction to Buy Oltchim Stake, but Deal Still in Doubt

Romanian politician and businessman Dan Diaconescu won the previously announced auction to buy the Romanian government's majority stake in Oltchim (Râmnicu Vâlcea, Romania). Diaconescu, head of a political party and owner of a Romanian television station, pledged to pay about 203 million leu ($59 million) for the state's 54.8% stake in Oltchim. The other bidders were PCC (Duisburg, Germany), a minority shareholder in Oltchim; Aisa Invest (Cluj-Napoca, Romania); and Chimcomplex (Borzesti, Romania). The Office of State Ownership and Privatization in...

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