Acasă » General Interest » Fondul Proprietatea will sell at least 4% more of OMV Petrom for a minimum of 216 mln. euro

Fondul Proprietatea will sell at least 4% more of OMV Petrom for a minimum of 216 mln. euro

6 March 2014
General Interest
Bogdan Tudorache

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Fondul Proprietatea will possibly sell more than 4% of OMV Petrom, a similar transaction at the end of last year evaluating a 4% package at about 216.5 million euro. Contacted by energynomics.ro, the FP officials said they are analyzing all possibilities regarding the size of the package that will be put up for sale, without offering further details.

Fondul Proprietatea manager, Franklin Templeton, informed the shareholders that, ”as part of its ongoing commitment to increase value for shareholders and improve the liquidity of the assets in the Fund’s portfolio, the Fund is reviewing strategic options to potentially reduce its ownership interest in OMV Petrom S.A. (the “Company”) to below a 15% holding, subject to appropriate market conditions and required approvals.”

European Bank for Reconstruction and Development (EBRD) sold a stake of 1.6% in OMV Petrom in November 2013, for which it received 86.6 million euro.

”Our review is in its early stages and there is no defined timetable for any decision. Further announcements will be made as and when relevant,” states a release.

The Fund currently holds 19% of the issued share capital of the Company (representing 33.66% of the Fund’s NAV as at 31 January 2014) and aims to enhance the trading liquidity of the Company’s shares ”while remaining committed to its successful development.”

Last year FP sold through a private placement, all of the 14.98% stake owned Transgaz (TGN) for 303.51 million lei (68.2 million euro). Also, FP announced that it wants to sell 10% of Conpet.

Autor: Bogdan Tudorache

Active in the economic and business press for the past 26 years, Bogdan graduated Law and then attended intensive courses in Economics and Business English. He went up to the position of editor-in-chief since 2006 and has provided management and editorial policy for numerous economic publications dedicated especially to the community of foreign investors in Romania. From 2003 to 2013 he was active mainly in the financial-banking sector. He started freelancing for Energynomics in 2013, notable for his advanced knowledge of markets, business communities and a mature editorial style, both in Romanian and English.

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