Brokers are concerned with the commission (which they consider very small) charged by the consortium which won the call for tenders. Brokers are worried that due to the low commission, the intermediaries in the sale of the stake of the Romanian state of 9.84% of Petrom, (expected to happen in summer), the selected intermediaries will be forced to maximize their gains, which can only be done by saving on the commissions of the Bucharest Stock Exchange (around 726 thousands Euros); that would mean avoiding going through the BSE and placing the shares to the buyer directly, which completely eliminate brokers out of the equation.
Aside from this concern, the commission which is considered as too low, could, under certain scenarios, cover the fulfillment of Russian strategic objectives in the energy sector.
Strapped for cash, the Romanian state has decided to sell 9.84% of the 20.64% stake it holds in "OMV Petrom" through the Ministry of the Economy, Trade and Business Environment (MECMA), while retaining its significant shareholder status (over 10%).
Under pressure to honor the agreements with the IMF, in August 2010, the Government issued a set of decisions concerning the sale of some of its minority stakes (15% each), in "Romgaz", "Transelectrica" and "Transgaz", throwing in the stake in "OMV Petrom" as well.
The authorities used the excuse claiming that the sales were intended to finance the budget deficit at a lower cost.
* THE CALL FOR TENDERS
In the months of March and April, the Ministry of the Economy, Trade and Business Environment (MECMA) held the call for tenders for the selection of the intermediary that would handle the sale of the stake in "OMV Petrom", which was won by the consortium led by Russian group "Renaissance Capital" (the consortium includes "EFG Eurobank Securities", "BT Securities" and "Romcapital"). @N
