Romania to Sell a 9.8% Stake in Petrom by End-July

Source: Reuters 6/17/2011, Location: Europe

Romania plans to sell a 9.8 percent stake in its top oil and gas company Petrom, majority owned by Austria's OMV , by the end of July, Economy Minister Ion Ariton said. The sale is part of a government plan to raise some 2.9 billion lei ($971 million) this year on the Bucharest bourse, according to the terms of agreements with the International Monetary Fund and other lenders. "We're in an advanced stage and probably towards the end of July the transaction will be made," Ariton was quoted as saying by state news agency Agerpres. "The price will be approved by the government after consultants finish their evaluation."

Romania owns a 21 percent stake in Petrom. Fondul Proprietatea , an investment fund set up to compensate Romanians whose assets were seized under communism, owns another 20 percent. The group advising on the secondary public offering of shares is made up of Renaissance Capital Limited, EFG Eurobank Securities, BT Securities and Romcapital SA. Officials have previously said the sale was expected to fetch more than 500 million euros ($718 million). Other planned sales include 15 percent stakes in state-owned power and gas utilities Transelectrica and Transgaz and in unlisted gas producer Romgaz.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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