The Economy Ministry has started the procedure of international selection of the broker for the secondary public offering of stock whereby it intends to sell 9.84% of OMV Petrom (SNP), the largest company in Romania, according to a Ministry announcement. The winner will be announced in March and will have a few months to prepare the offering, which is scheduled to take place this year.
This is the second formal step showing the state's intention to sell around half of the 20.6% stake it owns in Petrom this year, after the Government approved the move in May 2010.
This is the biggest share offering in the history of the Bucharest Stock Exchange, with the value of the stake put up for sale amounting to 480 million euros, at yesterday's stock exchange price of 0.367 lei/share. The biggest offering so far, worth 63 million euros, has been the sale by the state of a 10% stake in Transgaz, via an initial public offering (IPO), in December 2007.
Petrom is the most valuable company in Romania, with a 4.87 billion-euro capitalisation. Austrian group OMV holds 51% in the company and Fondul Proprietatea (Property Fund) holds 20.1%.
The Economy Ministry has started the procedure of international selection of the broker for the secondary public offering of stock whereby it intends to sell 9.84% of OMV Petrom (SNP), the largest company in Romania, according to a Ministry announcement. The winner will be announced in March and will have a few months to prepare the offering, which is scheduled to take place this year.
This is the second formal step showing the state's intention to sell around half of the 20.6% stake it owns in Petrom this year, after the Government approved the move in May 2010.
This is the biggest share offering in the history of the Bucharest Stock Exchange, with the value of the stake put up for sale amounting to 480 millio
