OMV to buy new shares in Romania’s Petrom

Nov 11, 2004 01:00 AM

Austria’s OMV will subscribe for 15.8 bn new shares in Romanian oil company Petrom in a share capital increase aimed to raise the OMV stake to 51 %.
OMV will pay EUR 830.6 mm for the stake and will have a total of 28.5 bn Petrom shares representing the 51 % stake. The Trade Ministry will control 45.5 % package, while the rest will be hold by the European Bank for Reconstruction and Development 2 % and other minority shareholders.

Petrom staff is allowed to buy a maximum 8 % from the Trade Ministry portfolio at the same price paid by OMV for the new shares. The Trade Minister will transfer the ownerships rights to OMV in early 2005.
OMV agreed earlier this year to buy a majority stake in Petrom for up to EUR 1.52 bn, the largest privatisation of an East European oil company since 1989 when communism collapsed. The Austrians will pay Romania EUR 669 mm for a 33 % stake. OMV buys new shares in Petrom for EUR 723 mm to EUR 855 mm to increase its stake to 51 %.

Petrom is the largest Romanian oil and gas group, with activities in Exploration and Production, Refining and Petrochemicals, as well as Distribution and Marketing. Petrom has estimated oil and gas reserves of 1 bn boe, refining capacity of 8 mm tons and 600 filling stations. In 2003 the sales of the group was EUR 2,023 mm, its EBITDA was EUR 280 mm and its net profit was EUR 9 mm.

With OMV group sales of EUR 7.64 bn and 6,137 employees in 2003, and a current market capitalization of EUR 4.5 bn, OMV is Austria’s largest listed industrial company. As the leading oil and gas group in Central Europe, OMV is active in 12 CE countries in Refining and Marketing (R&M). OMV has set a goal of doubling its 2001 market position from 9 % in 2001 to 20 % by 2008.

Source: InvestRomania
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