Merrill Lynch Confirmed: Lakshmi Mittal Wants Bulgaria's Kremikovtzi

“Merrill Lynch” confirmed that Lakshmi Mittal – brother of the current majority owner of Kremikovtzi KMKV.BB is among those who expressed interest in the Bulgarian steelmaking enterprise.

At a meeting with the minister of economy and energy Peter Dimitrov, “Merrill Lynch” who are hired as a consultant for finding a new investor in the compnay by the current owner of Kremikovtzi Pramod Mittal, pointed out that they have contacted around 20 steelmaking companies around the world.

7 of them expressed interest in Kremikovtzi KMKV.BB and the most intensive negotiations have been with 3 of them.

One of them is ArcelorMittal of Lakshmi Mittal. According to the consultants, several more weeks are needed in order to finish the the deal with one of the potential candidates.

Minister Peter Dimitrov emphasized that the explicit requirement of the government is the new owner to invest immediately in the plan for vitality of Kremikovtzi, including environmental measures.

Another requirement of the ministry is no more obligations towards the state companies “NEK”, “Bulgargaz” and BDZ to be accrued in these several weeks until the negotiations with the potential investors are completed.

In order the enterprise to work, financial resources for the supplies of gas, electricity and raw materials should be immediately secured.

“It is a common position that the enterprise should work and has prospects in the conditions of constant increase in the prices of its production on the world markets. However, this cannot be at the expense of the state and its companies”, added minister Dimitrov.

According to the vitality plan for 2006-2007 Kremikovtzi had to invest in environmental projects around 23.5 M EUR. international.ibox.bg