UPDATE: The consortium made of Russian investment bank Renaissance Capital, BT Securities, EFG Securities and Romcapital got the highest score in the bid for intermediating Romania's 9.8 percent stake sale in Petrom, and was selected winner of the bid, according to the Economy Ministry. The consortium received 92.5 points out of a maximum of 100. Its financial offer represents 0.325 percent of the total amount resulted from the shares sale.  The stake sale will be worth around EUR 500 million, based on the Petrom share trading price on the Bucharest Stock Exchange. The success commission is of around EUR 1.6 million, below the market estimation of EUR 4-5 million, according to a statement from the Economy Ministry.

Second came the consortium made of UniCredit and Goldman Sachs, while third, Alpha Bank together with Nomura. Raiffeisen and Morgan Stanley ranked fourth, while ING and UBS Switzerland came last. The offers were opened on Monday at the Economy Ministry in Bucharest.

Romania has decided to sell a 9.8 percent stake in Bucharest Stock Exchange listed oil company Petrom. The sale will be done through the stock market and the sold stake will come out of the Romanian Economy Ministry's share package in the company. The ministry owns 20.6 percent in Petrom.

Petrom is majority owned by Austrian OMV, with a 51 percent stake in the company. Apart from the Romanian state, Fondul Proprietatea also owns 20.1 percent in the oil and gas company. OMV Petrom is the biggest company in Romania, turnover wise.

Renaissance Capital was founded in 1995 by a group of partners, including Stephen Jennings, currently the CEO of Renaissance Group, as well as Boris Jordan, and Leonid Rozhetskin.

editor@romania-insider.com