Romania to float OMV Petrom

Published: April 5, 2011

Secondary offering will raise US$700mn.

Romania’s government is to list almost 10% of its shareholding in the country’s largest oil and gas company.

OMV Petrom is expected to raise more than US$700mn for the government when it floats 9.8% of the business on the Bucharest Stock Exchange. The listing is scheduled to take place at the end of May or early June and is part of a privatisation plan to raise US$1bn.

The secondary public offering will be managed by Renaissance Capital, which is working with brokers EFG Eurobank Securities, BT Securities and Romcapital.

The state owns more than 20% of OMV Petrom, which is also controlled by Austria’s OMV, Fondul Proprietatea and the European Bank for Reconstruction and Development.

OMV Petrom reported a €4.4bn turnover last year producing a €709mn pre-tax profit.