Private investment fund Fondul Proprietatea (FP) said that it managed to cash its entire 2.85 % stake in Romanian oil and gas company OMV Petrom through the accelerated procedure it initiated on 13 December.
The price at which FP sold its shares was 0.087 euros/share, 6.5 % below the pre-deal market price. Thus, FP netted around 150 million euros for the entire stake.
The revenues from the sale will be either distributed as dividends or used in buy-back operations, both alternatives being designated under the framework of the policy aimed at consolidating FP’s shares.
Erste Group Bank and SSIF Swiss Capital acted as Joint Global Coordinators and Joint Bookrunners, and Banca Comerciala Romana and Auerbach Grayson and Company acted as Joint Bookrunners in the transaction.
In January, FP sold a 4 % stake in OMV Petrom for some 198 million euros, thus reducing its stake to 2.85 %. The largest shareholders in OMV Petrom are Austrian OMV Group with 51.0105 % stake and the Romanian state, through the Ministry of Energy, with 20.6389 % stake.
