Tuesday, April 5, 2011

Romania names advisers for Petrom stake sale

BUCHAREST, April 5 (Reuters) - Romania moved a step closer to selling part of its top oil and gas company Petrom (SNPP.BX: Quote) by choosing advisers to help with the sale of a 9.8 percent stake, the economy ministry said on Tuesday.

The listing is part of a government plan to raise some 2.9 billion lei ($1 billion) this year on the Bucharest bourse, according to the terms of agreements with the International Monetary Fund and other lenders. [ID:nLDE70I1YJ]

Romania owns a 21 percent stake in Petrom, which is majority controlled by Austria's OMV (OMVV.VI: Quote). Fondul Proprietatea (FP.BX: Quote), an investment fund set up to compensate Romanians whose assets were seized under communism, owns another 20 percent.

The group to advise on the secondary public offering of shares is made up of Renaissance Capital Limited, EFG Eurobank Securities, BT Securities and Romcapital SA.

The sale is expected to raise more than 500 million euros ($711 million), the ministry said.

Other planned sales include 15 percent stakes in state-owned power and gas utilities Transelectrica (TSEL.BX: Quote) and Transgaz (TGNM.BX:Quote) and in unlisted gas producer Romgaz. (Reporting by Ioana Patran; Editing by Will Waterman) ($1=.7031 Euro) ($1=2.901 Lei)

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