The secondary offering by which the state plans to sell 9.84% inOMV Petrom is likely to amount to some 520m euros and may bringunderwriters a fee of between 4 and 5m euros, according with ZFcalculations.
The fee will, most likely, be largely collected by a foreigninvestment bank, as domestic underwriters have set up consortiawith international banks to handle the offering.
Thus, the mandate could be won by Morgan Stanley, JPMorgan, GoldmanSachs or Citibank, which are among the ones held accountable forthe start of the financial crisis, and which took money from theAmerican state to cover their debts, or by UBS, a bank rescued bythe Swiss state. The only international runner in the race forPetrom that did not take money from the state is Japan'sNomura.
Practically, any state wanting to sell on the Bourse shares in thecompanies it owns eventually resorts to such a bank. Why isthat?
"Large investment banks primarily come with distribution power.Undoubtedly, most of those taking part in the selection processwill guarantee the placement, which no domestic underwriter can do.They have institutional clients, own investment funds, privatebanking clients behind them. It is very difficult to beat them inthese conditions," says Doru Lion`chescu, managing partner withCapital Partners investment house.
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