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Russians come first in race to broker Petrom's offering

Autor: Andrei Chirileasa

04.04.2011, 23:55 26

The Romanian state is set to announce today whether it acceptsto have the biggest offering in the history of the Bucharest StockExchange brokered by the consortium led by Renaissance Capital,half-owned by a Russian billionaire with an empire in goldproduction.

Russian investment bank Renaissance, in consortium with BTSecurities (the brokerage division of Banca Transilvania), EFGSecurities (the brokerage division of Greek group EFG, owner ofBancpost) and Romcapital got the highest score (92.5 points) at thetender organised by the state to choose the broker of the sale of a9.8% stake in Petrom, according to sources present at the tenderheld at the Economy Ministry - OPSPI (The Office for State Stakesand Industry Privatisations).

The consortium that includes the Russian bank, which was formedat the last moment, is a total surprise for the market. Renaissanceis a top-three investment bank in Russia, being held and run by aNew Zealander. Mikhail Prokhorov, the second-richest man in Russia,with a fortune estimated at 13.4 billion dollars, holds 50% inRenaissance, Prokhorov owns the biggest gold producer in Russia andAmerican basketball team New Jersey Nets.

Second in the ranking was the consortium made up of UniCreditand Goldman Sachs - USA (68.5 points), third were Alpha Bank andJapan's Nomura (67.7 points), on fourth place were Raiffeisen andMorgan Stanley (66.2) - considered to be the favourites of the race- and last came ING with UBS - Switzerland (59.73), according tothe quoted sources.

As far as the financial offer was concerned, the Renaissanceconsortium is said to have offered 0.325% of the amount that thestate will collect. If the state collects at least 500 millioneuros, as it hopes to, the commission would be 1.62 million euros.UniCredit/Goldman is said to have offered 0.74% and Raiffeisen andMorgan Stanley 0.892%. Nomura and Alpha Bank are said to have askedfor 0.7%, while UBS and ING for 1.1%.

The technical value of the offers accounted for 50%, and thefinancial offer for the remaining 50%, based on which the finalscore was decided.

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