RUMANIAN OIL

Waikato Times, Volume 126, Issue 21041, 17 February 1940, Page 7

RUMANIAN OIL

NAZI BID FOR CONTROL BIG PURCHASE OF SHARES NO OFFER FROM BRITAIN (United Press Assn.—Elec. Tel. Copyright) (Received Feb. 17, 11 a.m.) LONDON, Feb. 16 The Financial News says that Germany is intensifying the drive to acquire control of the Rumanian oil companies. Its agents are buying all available shares. They have established substantial minority participations and are persistently bidding to obtain the remainder necessary for control. Britain is not counter-bidding and Germany is therefore likely to acquire companies totalling a considerable output. Germany gained control of the petrol bloc in November and more recently the Petrolul Romanescu. It is understood that the Rumanians urged Britain to bid for the Petrolul Romanescu, but the Ambassador failed to get a reply from London. Germany is bringing pressure on the Rumanian Government to sell out control of the Creditul Minier, the most important Rumanian-owned oil company, which the Nation Bank rescued from the Germans. The Germans have secured a large holding in the Irdp company, and are making efforts to buy more. The Nation Bank is unlikely to intervene and holders will sell cheaply in view of the absence of British bids.