The state to select the firm which will manage the SPO for the 9.8 percent of Petrom

Economy Ministry gave green light to the process for the selection of the international intermediary which will carry out the secondary public offering (SPO) for the 9.84 percent stake in OMV Petrom (SNP). The state controls a stake of 20.6 percent in the oil and gas company.

According to the Economy Ministry’s announcement, the winner will be announced in March and will have a few months to prepare the bid, which is scheduled to take place this year.

This is the largest stock offering in the history of the Bucharest Stock Exchange, the package being currently evaluated at EUR 480 million, at the price recorded yesterday by the SNP shares of RON 0.367.

Petrom has a market capitalization of EUR 4.87 billion. Austrian oil group OMV holds 51 percent of the company, while the Property Fund controls a 20.1 percent share package.

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