Romanian investment fund Fondul Proprietatea will sell a 6.4% stake in oil&gas group OMV Petrom for a maximum EUR 200 million, the fund announced on Wednesday, October 5.

The secondary public offering (SPO) will take place at the same time on the Bucharest Stock Exchange and London Stock Exchange. After the offer is finalized, OMV Petrom will become the third Romanian company traded on the London Stock Exchange, after gas producer Romgaz and electricity distributor Electrica.

Romania’s Financial Supervisory Authority (ASF) approved the SPO prospectus on October 5. The offering starts on October 6 and ends on October 13, the subscription period being 6 business days. The offering will be addressed to both institutional investors and individuals.

Interested investors will have the option to buy OMV Petrom shares, which are traded on the Bucharest Stock Exchange (BVB), or global depository receipts (GDRs) which are traded on the London Stock Exchange. The maximum subscription price for shares is RON 0.244, which is the closing price for the OMV Petrom (SNP) shares on Tuesday, October 4, while a GDR, which stands for 150 shares sells for up to USD 9.16.

American investment bank Goldman Sachs is acting as Sole Global Coordinator and Joint Bookrunner and Romanian bank BCR, Austrian Erste Group, and Czech brokerage firm Wood & Company are acting as Joint Bookrunners.

Fondul Proprietatea, which owns 19% of OMV Petrom’s shares, announced its intention to sell a significant stake in the company at the end of September.

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editor@romania-insider.com