CNVM OKs Preliminary Prospectus For Petrom Stake Sale

05.18.2011 By Florentina Dragu

Romania’s securities commission CNVM Wednesday approved a preliminary prospectus for the sale of a 9.84% stake in dominant oil company OMV Petrom (SNP.RO).

The final prospectus is due for completion by early August.

Romania, through the Economy Ministry, holds 20.6% in Petrom and estimates it will obtain around EUR552 million from selling a 9.84% stake.

The authorities in Bucharest selected a consortium led by Renaissance Capital to broker the deal.

Austria's OMV, majority owner in Petrom, said last month it wouldn't participate in the secondary public offering in the company.

As a 51% owner of OMV Petrom S.A., OMV has already control of the company and an increase in the stake would therefore not change the level of influence in decision-making, the Austrian company said.

Wednesday, Petrom's shares closed up 0.27% at RON0.4081 in Bucharest. (EUR1=RON4.1184)