Stiri	Stiri afaceri	Stiri companii	Evenimente de afaceri

OMV Petrom offering to resume in early 2012

The public offering of a 9.84-percent stake in OMV Petrom held by the Romanian Government will resume in early 2012, according to a press release of the Ministry of Economy, Trade and Business Milieu (MECMA).

Romanian Economy Minister Ion Ariton on Tuesday met a delegation of the International Monetary Fund, the World Bank and the European Commission headed by IMF official Jeffrey Franks.

Based of preliminary economic data for the first six months of 2011, the mission concluded that the eight government-owned enterprises under supervision have met the budget indicators set for them The discussions also regarded the sale of minority stakes held by the Government in Transelectrica, Transgaz and Romgaz.The secondary public offering for the sale of a 9.84-percent stake in OMV Petrom, conducted by the Romanian Ministry of Economy, Trade and Business Milieu (MECMA) via the State Industrial Shareholdings and Privatisation Office ended on Friday, but subscription stood at below 80 percent, the level required to conclude the offering, MECMA reports in a press release.

The Romanian Government could have raised RON 2.56 billion (nearly 610 million euros) and the offering would have been deemed successfully conducted if more than 80 percent of the shares had been sold.

Out of the 5.57 billion shares in the offering, 85 percent was meant for institutional investors and the remaining 15 percent for small investors. The subscription was carried out by the BT Securities, EFG Eurobank Securities, Romcapital and CEC Bank.

Petrom Group is the largest oil and gas group in South-Eastern Europe, with activities on the business segments of exploration and production, refining and marketing as well as gas and power.

Romania does not need to sell assets at low prices, President Basescu said

Romania's attempt to sell a near 10 percent stake in oil and gas group Petrom was a failure, but the country does not have to sell its assets cheaply 'out of desperation,' President Traian Basescu said.

Earlier in July, Romania failed to sell a minority stake in the company after bids fell below its minimum price, raising doubts over a privatisation drive promised under a 5 billion euros aid deal led by the International Monetary Fund. 'For us it was the right decision (not to sell), not what we would have wanted,' President Traian Basescu told state television TVR on Monday evening.

'Romania must not be confused with countries that need to sell assets to pay wages and pensions. We are not in a situation to sell at whatever price and the government did well (not to).' Basescu also said the government could not resume this year the listing process of its stake in Petrom, which is majority-controlled by Austria's OMV .

The sale, through which the government had hoped to raise $840 million, was a key test of commitment to sell stakes in more companies in the energy and transport sectors. The planned sales include 15 percent stakes in power and gas grid operators Transelectrica and Transgaz later this year, and an initial public offering of gas producer Romgaz in 2012. 'This was a lesson for all of us,' Basescu said. 'We must get the right price for Romgaz, Transelectrica.' Most of the sale plans have been around for years, but successive governments have put privatisation on hold due to labour and political pressure.

Sursa: http://www.actmedia.eu

Tags: government basescu petrom stake offering percent resume tvr cec

Articole similare