The Economy Ministry says if the sale price of the 9.84% stakein Petrom on the Stock Exchange does not match expectations, theoffering can be postponed, in an official answer sent to ZiarulFinanciar.
"Considering the interest generated on the market by the listingof Petrom shares, we are sure that this secondary public offeringwill be successful.
If the price offered does not match the seller's expectations,there is the possibility of postponing the secondary publicoffering until the market proves the offering is timely,"representatives of the Economy Ministry told ZF.
In the answer, it is also said that the committee, which willdecide Petrom's sale price also includes, apart from EconomyMinister Ion Ariton, Finance Minister Gheorghe Ialomiţianu, VictorCazana, the head of OPSPI, Andreea Vass, economic advisor of theprime minister, and Karoly Borbely, secretary of state in theEconomy Ministry.
The latter two were not previously known to be part of thiscommittee.
The Stock Exchange sale offering of the 9.84% stake in OMVPetrom (SNP) is currently one of the main items on the Government'sagenda, being the most important "privatisation" after BCR's salein 2005.
The Economy Ministry, which holds the stake in Petrom, hasannounced that the main goal was to maximise the price obtainedfrom selling the shares, but the first clue as to the Government'starget in this transaction was provided by Prime Minister Emil Boc,who said that by selling the 9.84% stale the state would get ahigher price than that obtained by former Prime Minister Năstasefrom the sale of the entire Petrom in 2004.
The state then collected 669 million euros for a 33% stake inPetrom from Austrian group OMV, valuing the entire Petrom at 2billion euros. The Austrians subsequently increased their stake to51% through an around 830 million-euro capital increase. The stakethat the state wants to sell is currently valued at around 600million euros on the Stock Exchange.
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