The BRD-led consortium scored 97 points for the technical offer and has asked for a fee amounting to 0.88% of the total shares sold, the participants told Mediafax.
The competing consortium, formed of UniCredit CA-IB Securities, Goldman Sachs, Unicredit Bank, Erste Group, BCR and BT Securities, received 96 points for the technical offer. It had asked for a fee of 1.39% of the total shares sold.
“The winning offer was submitted by BRD-Groupe Societe Generale, Citigroup Global Markets Limited, Societe Generale and SSIF Intercapital Invest”, Hidroelectrica said in a statement later Monday.
Hidrolectrica is 80%-owned by the Economy Ministry, while investment fund Fondul Proprietatea (FP.RO) holds the reminder stake. The company is valued at EUR2.8 billion to EUR3.9 billion, so the initial offering for a 10% stake could raise between EUR280 million and EUR390 million.
The initial public offering will be completed by the end of October.
Hidroelectrica’s profit fell to 15.7 million lei (EUR3.6 million) in 2011, from over RON292 million in the previous year, hit by prolonged dry weather.
For 2012, the power company estimates a net profit of up to RON100 million.