The Austrian oil group OMV, currently in advanced talks with the Romanian State over the acquisition of Petrom, will put an Austrian financier in charge of the Romanian company, sources involved in the privatisation process say.
On the other hand, rumour on the market has it that the Austrians had suggested to current Petrom chief executive Gheorghe Constantinescu that he continue in his current role after OMV takes over. As soon as Petrom is acquired, OMV is expected to install its own people in key positions in the company, the quoted sources say.
OMV wouldn't deny or confirm these suggestions.
"We will make everything known if and when an agreement is reached. Until such a time comes, everything else is pure speculation," the representatives of the Austrian group said.
An OMV delegation headed by the group's chairman, Wolfgang Ruttenstorfer, was in Romania recently to conduct talks with the Romanian party.
At the end of last month, OMV started final negotiations with the Romanian State for buying 51% in Petrom, in a deal most analysts on the banking and oil market estimate as standing at 1 - 1.3bn euros.
The deal will see OMV initially buying 33.34% and then participating in a capital increase so as to make up its final stake of 51%.
The reshuffling of Petrom's managerial team following an OMV takeover is a logical step, say sources involved in the privatisation of the major state-owned enterprises on the Romanian market. For instance, Enel, which bought the electricity distributors Electrica Banat and Dobrogea, will introduce ten experts into each branch to monitor the decision-making process until the takeover is complete, which should happen some time towards the end of the year.
Moreover, Petrom management sources say that OMV officials have been called to monitor the decision-making process, ensuring that the transaction parameters do not change until OMV actually takes over the management of the company.
"OMV has not sent any officials so far, but it might," Gheorghe Constantinescu told Ziarul Financiar.
OMV's team for the Petrom deal is comprised of German Deutsche Bank and the law firm Nestor Nestor Diculescu Kingston Petersen. Market sources say auditor KPMG is also involved.
On the other hand, the Romanian State receives advice from the investment banks Credit Suisse First Boston and ING Bank, alongside the UK law firm Linklaters.
International financial institutions such as the International Monetary Fund and the World Bank also have a say in Petrom's privatisation.
Romanian officials have hinted that the Petrom deal is expected to be concluded this summer.
adrian.mirsanu@zf.ro
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