The Romanian National Securities Commission (CNVM) has recently approved the mandatory public takeover offer of RON 0.43 for Rompetrol Well Services Ploiesti share, launched by the Rompetrol Group Netherlands, controlled by Kazakh oil company KazMunaiGaz.
The CNVM also decided to reject the mandatory public offer of Rompetrol Rafinare Constanta, initiated by The Rompetrol Group Netherlands. The net asset accounting value for the last audited financial statements at the end of 2008, submitted to the CNVM before sending the tender documents, was not taken into account in determining the price offered, which is lower. The law stipulates that the minimum price to be offered in the mandatory public takeover offer of Rompetrol Rafinare Constanta is at least equal to the net asset accounting value of the company, a document which must be submitted to the CNVM. However, the CNVM decided to extend the period of suspension from trading on the Bucharest Stock Exchange of shares issued by Rompetrol Rafinare Constanta, until the date of deposit by the Rompetrol Group Netherlands.
Rompetrol Well Services shares increased by 5 percent on the Bucharest Stock Exchange, close to the Rompetrol Group Netherlands offer.