Romania's Government discussed in its session on Tuesday the minimum selling price for the state's 9.84 percent participation in oil and gas company OMV – Petrom. The public offer is currently ongoing at a maximum price of RON 0.46 per share. The Government established RON 0.37 as the minimum price per share in the public offer. This means that the state wants to raise at least EUR 438 million for the stake it sells in OMV Petrom.

According to the decision 832/2010, the determined and recommended price by the authorized intermediary is OK-ed by a commission which includes the Economy Minister, the Finance Minister, as well as the Prime Minister's state secretary and other state officials.

A consortium led by investment bank Renaissance Capital started the public offer on July 11 to sell the state's 9.84 percent in OMV – Petrom. The offer will continue until July 22.

The offer consists of two tranches, 15 percent for retail buyers, and 85 percent for institutional buyers. The offer will be successful if 80 percent of the shares will have been subscribed at a price determined according to the prospect.

The Romanian state owns a 20.64 percent package in OMV Petrom. Austrian OMV is the majority shareholder in the company. Fondul Proprietatea owns a 20.11 percent stake, the European Bank for Reconstruction and Development, some 2.03 percent, while 6.21 percent are free floating on the BSE.

The company posted a turnover of EUR 4.421 billion in 2010, while its profit before taxes stood at EUR 709 million.

editor@romania-insider.com