Romgaz reaches in-principle agreement with Azomures for plant takeover via Transfer of a Going Concern
National gas corporation Romgaz announced that it has reached an agreement in principle with Azomures on the main commercial terms for taking over the plant's operational activity through a business transfer, with negotiations expected to be finalized by the end of this month.
'SNGN Romgaz SA informs shareholders and investors that, following negotiations with representatives of S.C. Azomures S.A., the parties have reached an agreement in principle on the main commercial terms of the transaction concerning the takeover by Romgaz of Azomures's operational activity through a Transfer of a Going Concern. The agreement in principle reflects the commercial understanding reached by the parties on the key elements of the transaction, including its structure, the price and the commercial mechanisms applicable between the signing of the contract and the effective completion of the transaction,' Romgaz said in a statement submitted to the Bucharest Stock Exchange.
Romgaz estimates that negotiations will be completed and the company's Board of Directors will issue its approval for signing the transaction contract no later than the end of May 2026.
Over the past year, fertilizer maker Azomures - owned by Swiss group Ameropa - has held ongoing discussions with Romgaz regarding a possible acquisition of the industrial platform in Targu Mures.
Emil Almasan, leader of the 'Alternativa 2002' union at Azomures, recently stated that around 800 of the plant's 921 employees are currently on furlough. In this context, union representatives have called for the resumption of operations or at least a viable solution to protect jobs at Romania's only fertilizer-producing plant.
SNGN Romgaz SA is Romania's largest producer and main supplier of natural gas. The company is listed on the Bucharest Stock Exchange, with the Romanian state holding a 70% stake.
In 2013, Romgaz expanded its activity by taking over the Iernut heat and power plant, becoming both an electricity producer and supplier. AGERPRES (RO - writing by: Andreea Marinescu; EN - writing by: Simona Klodnischi)
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