A group of investors sold 15.7% of Rompetrol Rafinare (RRC), which controls Petromidia refinery, for 60 million euros, with transactions conducted outside the tender offer launched yesterday by the Rompetrol group and Kazakh-held KazMunaiGaz.

The Rompetrol Group was reported as buyer of a 6.5% stake in RRC yesterday, with the transactions being conducted via Eastern Securities brokerage firm, controlled by the family of UDMR senator Attila Verestoy, which held a significant RRC stake. Market sources say the other shares were also bought by the Kazakhs, although no other reports had appeared by the time this issue was ready for print. In the wake of these transactions, the Kazakh company holds almost 92% of RRC. If they reach 95% following the offer, they can have the company delisted.

The transactions were conducted at a price of 0.075 RON/share, 1.2% more than the price offered by the Kazakhs, which targets 24% of RRC shares. The Kazakhs now have to increase their initial offer of 0.0741 to 0.075 RON/share.

Rompetrol Rafinare reported 470 million RON (110 million euros) in losses for 2009 amid a 6.28 billion-RON (1.48 billion-euro) turnover.

A group of investors sold 15.7% of Rompetrol Rafinare (RRC), which controls Petromidia refinery, for 60 million euros, with transactions conducted outside the tender offer launched yesterday by the Rompetrol group and Kazakh-held KazMunaiGaz.

The Rompetrol Group was reported as buyer of a 6.5% stake in RRC yesterday, with the transactions being conducted via Eastern Securities brokerage firm, controlled by the family of UDMR senator Attila Verestoy, which held a significant RRC stake. Market sources say the other shares were also bought by the Kazakhs, although no other reports had appeared by the time this issue was ready for print. In the wake of these transactions, the Kazakh company holds almost