After having lost the first battle for buying the Romanian aluminium making group to Marco International trade company, France-based Pechiney Group came to the Romanian authorities with a more complex proposition targeting the plant in Slatina, as well as Alprom, which processes raw aluminium supplied by Alro.
The proposition was made during the visit of French Premier Lionel Jospin in Bucharest, who was accompanied by the French company's high-ranking officials.
Pechiney, the main European aluminium maker suggested the Privatisation Authority they could take over the management of Alro Company, governmental sources told Ziarul Financiar.
At the same time, the French requested to buy Alprom Slatina, promising a $50 million investment plan to be carried out in three years.
The propositions submitted to the Romanian authorities by Pechiney also include the requirement to have Alprom supplied with aluminium from Alro, so that Alprom could operate at maximum capacity.
Alprom is currently working at 40-50% of its capacity because Alro does not supply it with the raw material, aluminium that is, on the grounds that Alprom does not pay for it in due time.
It takes 100-120 days to recover debts from Alprom, so that Alro cannot supply aluminium under the circumstances.
The Privatisation Minister Ovidiu Musetescu on Saturday said Alro and Alprom Slatina, included in the PSAL I programme signed with the World Bank would be privatised separately, but "in a conjunction necessary to both entities."
Musetescu said that last week he had had an "extremely interesting meeting with Pechiney's representatives". He confirmed that the French had made a series of propositions about the future of the two companies.
"The propositions take into account the new reality at Alro, caused by the coagulation of the shareholding structure (i.e. Marco holds 41.77% in Alro), focus on Alprom mainly and target what may seem unconventional privatisation methods at a first glance," Musetescu specified.
He added he was expecting those at Pechiney to detail their propositions some time in the future, so that the proposals of the French could become an alternative to the solutions devised by the Privatisation Authority. "The Government will endorse the privatisation strategies for the two companies by mid September," Musetescu added.
Pechiney Group is extremely interested in taking over Alro and Alprom. The Privatisation Authority holds 54% in Alro and 70% in Alprom.
The French put a lot of pressure at top level to prevent the completion of a capital increase at Alro several months ago, as that would have turned Marco into Alro's main shareholder.
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
