A group of investors sold 15.7% of Rompetrol Rafinare (RRC),which controls Petromidia refinery, for 60 million euros, withtransactions conducted outside the tender offer launched yesterdayby the Rompetrol group and Kazakh-held KazMunaiGaz.
The Rompetrol Group was reported as buyer of a 6.5% stake in RRCyesterday, with the transactions being conducted via EasternSecurities brokerage firm, controlled by the family of UDMR senatorAttila Verestoy, which held a significant RRC stake. Market sourcessay the other shares were also bought by the Kazakhs, although noother reports had appeared by the time this issue was ready forprint. In the wake of these transactions, the Kazakh company holdsalmost 92% of RRC. If they reach 95% following the offer, they canhave the company delisted.
The transactions were conducted at a price of 0.075 RON/share,1.2% more than the price offered by the Kazakhs, which targets 24%of RRC shares. The Kazakhs now have to increase their initial offerof 0.0741 to 0.075 RON/share.
Rompetrol Rafinare reported 470 million RON (110 million euros)in losses for 2009 amid a 6.28 billion-RON (1.48 billion-euro)turnover.
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