Romanian chemical producer Chimcomplex Borzesti, controlled by Romanian investor Stefan Vuza, will get financing from Russian bank VTB to acquire Oltchim Ramnicu Valcea, the largest chemical plant in the country, local G4media.ro reported.
Chimcomplex received the Competition Council’s approval for this transaction. The company will pay EUR 128 million for Oltchim’s most important assets.
Russian group VTB is among the banks sanctioned by the U.S. and European Union for its connections with the regime in Moscow. However, Chimcomplex will get the financing from VTB Europe, the group’s subsidiary in Frankfurt, which is not on the list of sanctioned entities.
Vuza first contacted European and U.S. banks to get financing for this deal, but they refused, so he turned to Russia. Credit Suisse is also involved in this deal alongside VTB.
Stefan Vuza plans to merge Chimcomplex and Oltchim to create the Romanian Chemistry Company.