Societatea Nationala a Petrolului (National Oil Company-SNP) Petrom, which is going to be taken over by the Austrian OMV group by the end of this year, will change its name to Petrom SA. At the same time, a mention might be included under the company's logo referring to it as being part of the group of companies owned by the majority shareholder, in the wake of the modification of the company's status, which will be proposed during the Extraordinary General Meeting of Shareholders scheduled for September.
OMV acquired from the State 33.34% in Petrom for 669 million euros and is to participate in a capital increase to reach a 51% stake; the entire transaction is worth up to 1.5 billion euros.
Petrom might also set up limited liability companies within Arpechim Pitesti refinery, Doljchim Craiova chemical plant, Petrom Suplac and some filling stations, where the company will bring assets of the respective units as contributions in kind.
This clause has also been included in the government decision sanctioning the signing of the privatisation contract with OMV, at the request of the Austrian investor. According to the economy and trade minister, investors vying for Petrom had persistently asked the Romanian state to adopt a more flexible stand as regards Petrom assets, and OMV stated such a move would reflect cost transparency.
Russian LukOil group has already voiced its interest in taking over the petrochemical operations of Arpechim Pitesti, which it would integrate with Oltchim Ramnicu Valcea that secures its raw materials from Arpechim.
At the same time, the list of proposals to be discussed by Petrom shareholders also includes cancelling the share capital increases decided upon in March and April, operated by the integration of some land for which the ownership right had been certified.
Petrom's share capital will be increased by a maximum number of 18.73 million nominative shares to be subscribed by OMV, the European Bank for Reconstruction and Development (EBRD) and the existing minority shareholders. The Economy Ministry will not be involved in this operation. EBRD will be able to get shares through the compensation of a sum of up to 73 million dollars, accounting for the bank's contribution to a syndicated loan worth 150 million dollars granted to Petrom by a syndicate of six banks in 2002. Petrom employees will be able to buy up to 8% in the company.
Petrom's current share capital stands at 38,210 billion ROL (932 million euros).
The deal with OMV will be finalised in Q4, this year; the Competition Council has already been notified of Petrom's acquisition. OMV announced it was ready to give up its 25.1% in Rompetrol so as to get its acquisition of Petrom approved, should the Competition Council require it.
adrian.mirsanu@zf.ro
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
