Romania: OMV Pays Additional EUR 39 Million for Petrom

16. Juni 2006, 00:00

In the end of May, Austrias OMV paid an additional EUR 39 million to Romania for the takeover of Romania’s...

In the end of May, Austrias OMV paid an additional EUR 39 million to Romania for the takeover of Romania’s largest oil company, Petrom, the Minister of Economy and Trade, Codrut Seres said on Thursday, June 15.

The payment represents a price adjustment and it was agreed on in the privatisation contract inked in July 2004. Then, OMV paid EUR 669 million for the purchase of 33.34 per cent of Petrom shares.
Later on, OMV financed Petroms capital hike with another EUR 830 million. With this transaction, OMV secured a majority stake in the company.

Currently, Petroms market capitalisation is estimated at EUR 8 billion; thus, 33.34 per cent of the titles are worth EUR 2.66 billion at the current quotation of the shares.

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