“Bids are below 50% and even if all investors who showed interest so far were to subscribe today it wouldn’t be enough to reach the 80% threshold,” the people told MEDIAFAX.
The government launched on July 11 a secondary public offer for a 9.84% stake in Petrom. The minimum price was set at 0.3708 lei (EUR0.087) a share, while the maximum price can’t exceed RON0.46 a share.
The offer, due to close today at 12:00 local time, will be deemed successful if at least 80% of the stock is sold.
Friday morning, Petrom’s shares traded at RON0.39, up 1.69% on the day.
A consortium formed of Russian investment bank Renaissance Capital and Romanian brokerage firms BT Securities, Romcapital and EFG Securities manages the operation.