Covi Construct owner, Daniel Mihail Patrascu, confirmed discussions with Distrigaz Sud are ongoing, but said the French company’s offer is very low. He declined to divulge the value of the offer.
‘‘Mr. Arnaud (ed.n.: Bernard Arnaud, Distrigaz Sud General Manager) asked for some information on the balance sheet and financial results. I gave them to him and then they made a ludicrous offer,’‘ Patrascu said. ‘‘They thought they could buy us cheap. Now we are waiting for a better offer,’‘ he added.
Contacted by Business Standard, Distrigaz Sud officials declined to comment on the information. However, in a statement for Mediafax newswire, Arnaud said Distrigaz Sud is interested in buying gas distributors in Southern Romania and that, for the time being, the company is engaged in ongoing discussions ‘‘with one or two companies.’‘
Market sources say Distrigaz Sud made an offer one year ago to all local distributors. Buying smaller companies is part of Distrigaz Sud’s strategy to improve its position on the Romanian gas market. At the beginning of the year the company bought distributor Vital Gaz and gas storage company Depomures in Targu Mures. Vital Gaz is a distributor for Brasov and Ilfov counties.
Distrigaz Sud was bought by Gaz de France in 2005.
