The Romanian Ministry of Economy, which holds an 80 percent stake in Hidroelectrica, voted against the listing of the company on the Bucharest Stock Exchange (BVB). This decision was made during the Extraordinary General Shareholders Meeting of Hidroelectrica that was held on 20 September. This meeting was called by Fondul Proprietatea which holds a 20 percent stake in the company. The state also voted against the appointment of an intermediary to organize the listing of Hidroelectrica at BVB.
The Romanian state voted against the IPO as the government ordinance regarding the set up of the two energy companies, Electra and Hidroenergetica is still valid. Secondly, Hidroelectrica is involved in litigations initiated by Fondul Proprietatea and unions are still pending in courts in relation to setting up the two energy companies. Lastly, The Romanian Government has to approve the privatization strategy, as Hidroelectrica has a strategic position in the economy.
Launched in December 2005, Fondul Proprietatea was established to compensate Romanians whose properties were confiscated by the former communist government. An international tender was announced in December 2008, and Franklin Templeton won the EUR 3.77 billion Fondul Proprietatea mandate in July 2009 after being selected from among seven global asset managers. Franklin Templeton officially took over as investment manager and sole administrator of the Fund on 29 September 2010.