The Romanian Government will require the Commission’s approval for the sale of a majority stake in Posta Romana, the letter also reads.
The Government will publish the auction announcement by the end of February and will draft a list of eligible investors by early April. Eligible investors will be selected by mid-May and the privatization contract will be signed by mid-June 2013.
Posta Romana is the country’s biggest postal operator, 75% owned by the Ministry of Communications and 25% by investment fund Fondul Proprietatea (FP.RO).
In 2011, the company’s turnover dropped 8.7%, to 1.26 billion lei (EUR287 million), while its net loss widened 50%, to RON182.9 million. The company had debts of RON556.9 million at the end of 2011. (EUR1=RON4.3877)