Petrom shareholders waiting to find out exit price for five months

OMV Petrom (SNP), the biggest Romanian company on the Stock Exchange, has not yet finalised the procedure for the exit of shareholders who in August voted against the company's break-up.

The investors who asked the company to buy their shares back have been waiting for almost five months to find out the exit price, resulted in the wake of a valuation report to be drawn up by PricewaterhouseCoopers (PwC), and which is likely to provide an important benchmark for the entire market about the company's value.
PwC's valuation may also provide an indication about the price the state is likely to get from the sale of 9.84% in the company, an operation scheduled this year.
Since the early August general meeting of shareholders, when the spin-off of the distribution assets from Petrom and their subsequent transfer to OMV Petrom Marketing were approved, SNP shares have gained 13%, and are now trading at 0.355 RON, close to the past two years' high, reached in April 2010.
Shareholders owning together 25.6 million shares (0.045% in the company's capital) voted against the break-up, while Fondul Proprietatea, which owns 20.11%, abstained.