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February 1, 2023

Petrom shareholders no longer relinquish shares

The shareholders of the oil and natural gas company OMV Petrom, who wanted to relinquish their shares in the company, renounced the operation, as the price they were offered was below the stock market value, Mediafax reports. The shareholders had made withdrawal requests in the share-redemption program for the investors who opposed the separation of the marketing activity within the company. Thus, 23 out of the 28 shareholders who announced they wanted to liquidate their shares, via the share-redemption program, revoked their request, while the remaining five liquidated their shares by the expiration date, March 14, according to a release by the oil company remitted to the Bucharest Stock Exchange (BVB). As a consequence, there are no shares left to redeem by the company.

OMV Petrom announced, on February 24, a gross repurchasing price of RON 0.352 per share, below the market price. The company’s shares closed, at the end of this Tuesday stock market session, at RON 0.383. OMV Petrom is the largest Romanian company listed at the Bucharest Stock Exchange, with a RON 21.69 bln-capitalization. The gross price for OMV Petrom shares was set by a freelance authorised expert, namely, the audit company Pricewater­houseCoopers Mana­gement Consultants. Mo­ving on to another topic, the technical offers made by six consortiums were accepted in the bid to appoint the intermediary for the secondary offering by which the state wants to sell 9.84 pc of OMV Petrom shares.

According to several sources on the capital market, the consortiums whose offers are competing are: BCR, alongside JP Morgan and Intercapital Invest, Raiffeisen Capital & Investments alongside Morgan Stanley, ING Bank with UBS, UniCredit CA IB Securities alongside Goldman Sachs, Alpha Bank with Nomura and CEC Bank, and BT Securities alongside Renaissance Capital, Romcapital and EFG Securities.

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