Dinu Patriciu, chairman and owner of the Rompetrol Group (registered in the Netherlands) has sold a 75% stake in the company for 2.7 billion dollars to Kazakhstan's state-run petroleum company KazMunaiGaz, which had announced their intention to enter the European market several months ago.
Dinu Patriciu confirmed that the deal had been made and added that the group had been appraised at 3.616 billion dollars. He will therefore collect 2.71 billion dollars.
Swiss-based Rompetrol Holding, which is controlled by Patriciu, will retain 25% of Rompetrol group shares (The Rompetrol Group - TRG), and Patriciu will remain in the position of chairman and chief executive.
"The purpose of this deal was to ensure future competitiveness and access to investments," Patriciu stated. He explained that this would enable Rompetrol to have access to energy resources and gain independence from Russian supplies.
Patriciu said at the beginning of the year that Rompetrol had received a number of offers to sell a stake in the company, but did not however reveal the names of the investors or the size of the stake.
Sources close to the discussions stated that Russia's Gazprom had made an offer, which the Rompetrol management turned down for political reasons.
Patriciu yesterday said he had initially negotiated with four companies, and selected two offers in July, which involved parallel talks. The bidders included big names both on the investment fund front and petroleum companies, the businessman explained, without revealing any names. He added that the he had taken into account the efficiency of his investments when he decided to sell a 75% stake in the company.
"Having the right to invest 25% is one thing, but having a greater contribution to this is entirely different. I would have risked not being able to keep up with my partners (...). 25% of a
