OMV Petrom (SNP), the biggest Romanian company on the StockExchange, has not yet finalised the procedure for the exit ofshareholders who in August voted against the company'sbreak-up.
The investors who asked the company to buy their shares backhave been waiting for almost five months to find out the exitprice, resulted in the wake of a valuation report to be drawn up byPricewaterhouseCoopers (PwC), and which is likely to provide animportant benchmark for the entire market about the company'svalue.
PwC's valuation may also provide an indication about the price thestate is likely to get from the sale of 9.84% in the company, anoperation scheduled this year.
Since the early August general meeting of shareholders, when thespin-off of the distribution assets from Petrom and theirsubsequent transfer to OMV Petrom Marketing were approved, SNPshares have gained 13%, and are now trading at 0.355 RON, close tothe past two years' high, reached in April 2010.
Shareholders owning together 25.6 million shares (0.045% in thecompany's capital) voted against the break-up, while FondulProprietatea, which owns 20.11%, abstained.
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