Austria's OMV AG announced an estimated $1.8 billion deal Friday to gain a controlling stake in Petrom, Romania's state-owned oil company
Published:
24 July 2004 y., Saturday
Austria's OMV AG announced an estimated $1.8 billion deal Friday to gain a controlling stake in Petrom, Romania's state-owned oil company.
The exact amount OMV will spend to acquire the 51 percent stake in Petrom will hinge on how many minority shareholders agree to the deal. However, a government news release and company officials valued the transaction at about 1.5 billion euros($1.8 billion).
Before the sale, the government owned 93 percent of Petrom, while the rest was floated on the Bucharest Stock Exchange. It was the biggest deal involving a state-owned company in Romania since the end of communism almost 15 years ago.
Prime Minister Adrian Nastase said the sale demonstrated his government's commitment to economic reforms, a key issue for Romania, which aspires to membership in the European Union by 2007.
Petrom had frequently been critized for being inefficient and bloated, and the government predicted the OMV deal would help improve productivity and business.
Šaltinis:
seattlepi.nwsource.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
Women in the EU earn on average 18% less than men - a gap that has scarcely narrowed over the last 15 years and in some countries has even grown.
more »
43 gas and electricity projects to split €2.3bn, the most the EU has ever spent on energy infrastructure in a single package.
more »
Georgia and the European Union have initialled a comprehensive air services agreement at a meeting in Tbilisi, Georgia, today which will open up and integrate the respective markets, strengthen cooperation and offer new opportunities for consumers and operators.
more »
In order to vitalize and strengthen cooperation of business stakeholders in the region, the Nordic and Baltic countries continue running joint mobility programme.
more »
The EBRD is boosting the availability of financing to the real economy sector in Serbia, with a €20 million credit line to Société Générale Serbia for on-lending to small and medium enterprises.
more »
The EBRD is supporting the development of the private sector in Armenia and increases further the availability of financing in the real economy sector with a $10 million loan to Ameriabank for on lending to local companies under its Medium Sized Co-financing Facility (MCFF).
more »
The EBRD is supporting the modernisation and improvement of transport infrastructure in Albania with a €50 million sovereign loan to finance the rehabilitation of regional and local roads in the country.
more »
Given the deep impact Latvia has suffered in the wake of the global crisis, and due to the emergency nature of this program, the first operation will focus mainly on the first and second objectives.
more »
Mr. Dominique Strauss-Kahn, Managing Director of the International Monetary Fund (IMF), will visit Africa March 7-11, to discuss opportunities and challenges facing African economies in the wake of the global crisis.
more »
Without enough money, the EU 2020 strategy risks turning into "another vague scoreboard for the Member States", the EP Budgets Committee warned on Thursday when adopting its priorities for the 2011 budget.
more »