25.1 C
Bucharest
August 10, 2022
BUSINESS

State caps OMV Petrom offer at 0.46 RON/share

The offer in which the state plans to sell a stake of 9.84 pc in OMV Petrom oil company will start Monday and will be capped at 0.46 RON/share, 15 pc above the last closing price.

The offer in which the state plans to sell a stake of 9.84 pc in OMV Petrom oil company will start Monday and will be capped at 0.46 RON/share, 15 pc above the last closing price, while the minimum price might be announced during the offer, based on the quotations proposed by investors in their subscription orders.

The shares of OMV Petrom ended Wednesday’s trading session at 0.398 RON/unit, Mediafax reports. The offer will last two weeks, until July 22. It will be considered as successfully completed if at least 80 pc of the shares will be subscribed at a price provided by the Offer Document. The National Securities Commission (CNVM) approved the Offer Document on Wednesday evening. The shares will be allotted in two installments: the first (85 pc) will address institutional investors, and the second (15 pc) small investors. The same allotment method will be used in both cases, with the main criterion being the subscription price, followed by the chronologic succession of subscription orders. Valid subscriptions will be arranged in the decreasing order of the prices presented by investors, and orders with the same price will be sorted depending on the moment when they were submitted.

Following the announcement about the maximum price asked by the state, the shares of OMV Petrom (SNP) gained 4.27 pc yesterday in the first half-hour of trading. By the middle of the session, they had gained 3.02 pc, after soaring by more than 5 pc in early trading, while the rest of the market had an uneventful day, with low liquidity.

At the end of yesterday’s session, Petrom stocks rose by 1.76 pc, on a market rising by a mere 0.09 pc, where Fondul Proprietatea (FP)’s stocks continued to account for over half of the liquidity amount.

If the state will be able to sell the whole package of OMV Petrom shares, it will earn RON 2,564 bln (EUR 610 M).
In an unrelated move last January, Petrom filed a complaint at the European Court of Human Rights (ECHR) about the treatment it receives in Romanian courts, where it is involved in lawsuits worth an approximate EUR 300 M in total (except those against its own employees), equivalent to 58 pc of the record profit it made last year.

Related posts

Number of insolvent companies down 10 pc year-on-year

Nine O' Clock

Resignation at Romgaz Medias following corruption charges

Nine O' Clock

Bancpost: Crediting in RON, interesting but difficult

Nine O' Clock