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State to sell its stake in Petrom

According to statements by the Ministry of Economy, the Romanian state plans to sell 11.84% of Petrom on the market. The government wants to sell the stake as the public finances are too cash-strapped in order to be able to participate in the planned EUR 600 mn capital increase.

The 6.7 bn Petrom shares would currently have a value of RON 1.9 bn or EUR 455 mn. The state currently owns 20.6% in the company and must keep a stake of around 8% in Petrom, for SNP employees.

OMV confirmed last week its interest in buying any unused subscription rights in the wake of the capital increase. However, there was no statement regarding the intention of buying any share that would be sold on the market prior. Additionally, it could be the deliberate intention of the Romanian government to increase Petrom's free float in order to invigorate the Bucharest Stock exchange (Petrom is one of the BET index heavyweights, but currently only 6.21% of the shares are free-floating). Thus should OMV acquire all the shares offered immediately, we see the news neutral, but – what is more likely in our view – should the shares be offered on the stock market, the ensuing share overhang will entail a negative reaction in our view.

Sursa: http://www.rciro.ro

Tags: petrom stake state bet

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