Yesterday, the government decided to begin the procedure for listing 15% stakes in Electrica Distribuţie Transilvania Sud, Electrica Distribuţie Transilvania Nord and Electrica Distribuţie Muntenia Nord on the Bucharest Stock Exchange, government spokesman Dan Suciu announced. In the beginning of this month, Franklin Templeton, the manager of the Proprietatea Fund, announced that it had appointed Citigroup Global Markets Limited to intermediate the potential sale of unlisted energy distribution and provision companies, including the three companies which were mentioned by the government.

The government and the Proprietatea Fund must consider each other's plans when setting up their offerings. Analysts earlier said that their sales of shares may hinder each other.

But considering that last Friday, the officials of Franklin met prime-minister Mihai Răzvan Ungureanu, it is quite likely that the government and FT have agreed on supporting each other. According to a press release, the two parties mentioned their interest in the successful sale of the minority stakes in several state owned companies. "All these approaches can help the economic consolidation and the stimulation of the domestic stock market, where the Proprietatea Fund plays an extremely important role", the press release also says.

In February, when investment fund Elliott, the largest shareholder of the Proprietatea Fund, spoke in favor of encouraging Franklin Templeton to sell the holdings which the Proprietatea Fund has in various companies, the analysts consulted by BURSA expressed their opinions on the overlap of the offerings of the government and those of the Proprietatea Fund.

For example, investment consultant Victor Cionga told us that the free float of certain companies which are of interest to investors will increase: "As an example, if Romgaz gets listed, then its free-f