The offering will consist of the Fund’s owned shares only.
The Fund currently holds approximately 19% of the issued share capital of OMV Petrom, and the stake is currently worth EUR620 million. The announcement regarding the Fund’s intention to sell came as a big surprise for the stock market, considering that Petrom shares had an extremely low trading price after a decline in crude oil prices per barrel.
One and a half years ago, Fondul Proprietatea attempted to sell the shares held in OMV Petrom, when the price of a share was nearly RON0.4 per unit, but missed the opportunity, and crude oil prices per barrel started to fall.
Petrom has a market capitalization of EUR3.3 billion, being the most valuable Romanian company on the stock market. The company reported a profit of EUR1 billion in 2014.
Austrian group OMV is majority shareholder in Petrom, with a 51% stake, and Petrom is the group’s main asset.
In relation to the offering, Goldman Sachs International is acting as Sole Global Coordinator and Joint Bookrunner and Banca Comerciala Romana, Erste Group and WOOD & Company are acting as Joint Bookrunners.