Thursday, March 17, 2011

Romania Gets Six Bids to Manage Petrom Sale, Ministry Says

The Romanian Economy Ministry received offers from six bidding groups for managing the sale of a 9.8 percent stake in OMV Petrom SA (SNP), the Economy Ministry said today in an e-mailed statement in Bucharest.

Goldman Sachs Group Inc. (GS), JPMorgan Chase & Co (JPM), Morgan Stanley (MS), UBS AG (UBSN), Nomura Holdings Inc. (8604) and Renaissance Capital have formed groups with Romanian brokerages and banks as they seek to win the tender to manage the Petrom stake sale, the ministry said.

Romania, which values the stake in the country’s largest oil company at 500 million euros ($698 million), plans to sell the shares by the end of June, to raise money for investment, Economy Ministry official Victor Cazana said today in Bucharest. The Balkan nation also plans to sell stakes in utilities Transelectrica SA (TEL) and Transgaz SA by the end of this year and will select managers to handle the sales after completing the Petrom transaction, Cazana said.

Romania will probably pick a manager for the Petrom sale in two weeks, after assessing the bids, Cazana said.

Petrom’s shares rose 1.8 percent to 0.39 lei in Bucharest trading today, valuing the oil company at 22.1 billion lei ($7.4 billion).

To contact the reporters on this story: Andra Timu in Bucharest at atimu@bloomberg.net; Irina Savu in Bucharest at isavu@bloomberg.net.

To contact the editor responsible for this story: James M. Gomez in Prague atjagomez@bloomberg.net

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