The Economy Ministry has started the procedure of internationalselection of the broker for the secondary public offering of stockwhereby it intends to sell 9.84% of OMV Petrom (SNP), the largestcompany in Romania, according to a Ministry announcement. Thewinner will be announced in March and will have a few months toprepare the offering, which is scheduled to take place thisyear.
This is the second formal step showing the state's intention tosell around half of the 20.6% stake it owns in Petrom this year,after the Government approved the move in May 2010.
This is the biggest share offering in the history of the BucharestStock Exchange, with the value of the stake put up for saleamounting to 480 million euros, at yesterday's stock exchange priceof 0.367 lei/share. The biggest offering so far, worth 63 millioneuros, has been the sale by the state of a 10% stake in Transgaz,via an initial public offering (IPO), in December 2007.
Petrom is the most valuable company in Romania, with a 4.87billion-euro capitalisation. Austrian group OMV holds 51% in thecompany and Fondul Proprietatea (Property Fund) holds 20.1%.
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