Deals of the year Stock Exchange

Newsroom 11/12/2013 | 06:00

Romania’s market for mergers & acquisitions (M&A) has remained at around EUR 1 billion in 2013, driven by deals in the banking and renewable sector, although big investors have held back and are carefully planning moves for next year, say deal makers.

By Ovidiu Posirca

Stock Exchange

Romgaz sells 15 percent stake in IPO

Value of transaction: EUR 390 million

Legal team, Romgaz: Bulboaca & Asociatii (Romanian law), Hogan Lovells (English and US law). Dentos provided legal advice in connection with the process of acquisition of intermediary services, as well as with the IPO on the local and international market.

Joint global coordinators and joint bookrunners: Erste Group Bank and Goldman Sachs International

Domestic lead managers: Banca Comerciala Romana and SSIF Raiffeisen Capital & Investment

Legal advisor to the managers and to the depositary: Clifford Chance (US and English law), Clifford Chance Badea (Romanian law)

Romgaz, the state-owned gas producer, raised EUR 390 million from listing a 15 percent stake in an initial public offering (IPO). This was the largest Romanian IPO to date and the first to include the issue of global depositary receipts (GDR) that have started trading in London.

 

Nuclearelectrica sells 10 percent stake in IPO

Value of transaction: EUR 66 million

Legal team, Nuclearelectrica: Bostina si Asociatii and Winston & Strawn (international counsel)

Intermediary consortium: Swiss Capital and BT Securities

Legal team, consortium: Musat & Asociatii and Hogan Lovells

Nuclearelectrica, the state-owned nuclear energy producer, sold a 10 percent stake on the Bucharest Stock Exchange in an oversubscribed initial public offering. Following the listing, the company increased its share capital by EUR 70 million, which included a 1.07 percent stake in minority shareholder, the Property Fund.

 

Transgaz sells 15 percent stake in SPO

Value of transaction: EUR 72 million

Legal team: Schoenherr

Joint global coordinators and joint bookrunners: Raiffeisen Capital & Investments (lead manager) and WOOD & Co. Financial Services (manager)

Transgaz, the state-owned gas transport company, sold a 15 percent stake through a secondary public offering (SPO), which was oversubscribed in all investor tranches. The company registered a 5.3 percent increase in turnover to EUR 242 million in the first nine months and a reduction of 37 percent in net profit to EUR 36 million.

 

Franklin Templeton starts EUR 160 million share buy-back program in Property Fund

Value of transaction: EUR 160 million

Legal team, buyer: Popovici Nitu & Asociatii

Legal team, seller: Not applicable

Franklin Templeton, the administrator of the Property Fund (FP), the EUR 3.4 billion closed-end fund with stakes primarily in state-owned companies, started a buy-back program on the Bucharest Stock Exchange in April for up to 8 percent of the share capital in FP.

 

Broadhurst sells minority stake in Ductil

Value of transaction: EUR 5.3 million

Legal team, buyer: Not made public

Legal team, seller: Popovici Nitu & Asociatii

Investment fund Broadhurst sold its 11.7 percent stake in Buzau-based Ductil, a producer of metal accessories, to Italy’s Fro-Air Luiquide Weding Italia, the controlling shareholder, which also purchased the 4.84 percent stake of investment fund Hesketh Enterprises. The Italian company currently owns 89 percent of the shares in Ductil. The overall transaction stood at EUR 7.5 million.

 

SIF Banat-Crisana buys SAI Muntenia Invest, manager of SIF 4

Value of transaction: Not made public

Legal team, buyer: Not made public

Legal team, seller: Tuca Zbarcea & Asociatii

SIF Banat-Crisana, a financial investment company, acquired SAI Muntenia Invest, the asset manager of SIF Muntenia. The deal is the first of its kind, involving one SIF taking control of the manager of another SIF. Following the transaction, SIF Banat-Crisana will manage EUR 543 million in assets, out of which EUR 230 million worth belong to SIF Muntenia.

 

Erste Group launches EUR 660 million share capital increase

Value of transaction: EUR 660 million

Legal team, buyer: lead legal counsel was bpv Hugel. Erste Group in Romania was assisted by bpv Grigorescu Stefanica.

Legal team, seller: Not made public

Austria’s Erste launched a share sale to raise around EUR 660 million to help repay state aid for the participation capital it raised in 2009, during the financial crisis. The newly issued shares were admitted for trading on the Bucharest Stock Exchange, which included an accelerated book-building offer. The deal covered multiple jurisdictions including Austria, the CzechRepublic and Romania.

 

Raiffeisen Bank in EUR 50 million bond sale

Value of transaction: RON 225 million (around EUR 50 million)

Legal team, buyer: Not applicable

Legal team, seller: White & Case

Raiffeisen issued around three years of senior unsecured RON-denominated corporate bonds, in an offering that was closed early after one day. The bonds were listed on the Bucharest Stock Exchange from August, in the third category for corporate bonds.

 

UniCredit Tiriac Bank sells EUR 122 million of bonds

Value of transaction: RON 550 million (around EUR 122 million)

Legal team, buyer: Not applicable

Legal team, seller: Clifford Chance Badea

UniCredit Tiriac Bank raised EUR 122 million from an oversubscribed bond offering, which attracted over 30 local and international investors. The lender set the coupon at 6.35 percent for the corporate bonds, which had a five-year maturity.

 

Property Fund sells stake in Petrom

Value of transaction: EUR 57 million

Legal team, buyer: Not applicable

Legal team, seller: White & Case

Franklin Templeton, the administrator of the Property Fund (FP), sold a 1.7 percent stake in oil major Petrom, controlled by Austria’s OMV, in one of the biggest deals on the Bucharest Stock Exchange. The FP currently holds a 19 percent stake in the oil and gas group.

 

EBRD offloads stake in Petrom

Value of transaction: EUR 87.6 million, according to media reports

Legal team, buyer: Not applicable

Legal team, seller: Not made public

The European Bank for Reconstruction and Development (EBRD) sold its 1.6 percent equity stake in Romania’s oil major OMV Petrom, in a portfolio management move. The EBRD became a shareholder in Petrom in 2004, with a 2.03 percent stake, to support the privatization of the state-owned company.

 

RBS Romania and RBS plc in cross-border merger

Value of transaction: Not made public

Legal team, UK: Linklaters

Legal team, Romania: NNDKP

The cross-border merger between RBS Romania and RBS plc became only the second of its kind ever done in the Romanian financial sector, and the first since the enactment of specific local regulations on cross-border mergers.

 

 

RCS&RDS sells EUR 450 million of bonds

Value of transaction: EUR 450 million

Legal team, buyer: Not applicable

Legal team, seller: Not made public

Romanian telecom group RCS&RDS sold EUR 450 million (USD 618.8 million) in seven-year secured notes on foreign markets at a 7.5 percent yield, according to media reports. The company planned to use the fresh funding to refinance its debts, which at the end of 2012 totaled EUR 838 million.

 

Close ×

We use cookies for keeping our website reliable and secure, personalising content and ads, providing social media features and to analyse how our website is used.

Accept & continue