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
The President of the Spanish Government, José Luis Rodríguez Zapatero, will meet this Monday with the German Chancellor, Angela Merkel, to analyse the future EU economic and employment strategy EU2020 before the Twenty-seven approve its basic lines at the Spring European Council.
more »
The planned overhaul of the EU common fisheries policy should take better account of the huge differences across European fleets and fisheries, give greater responsibility to fishing regions, address the problem of fleet overcapacity and improve the traditional quota system, according to a non-binding report adopted by Parliament on Thursday.
more »
The EMU framework and economic governance within the eurozone need to be revamped.
more »
Young people should be a priority in EU action next year, it emerged on Tuesday, as the Budgets Committee started work on the EU's 2011 budget.
more »
European Investment Bank (EIB) support for EU regional policy is crucial for tackling the economic crisis, EIB President Philippe Maystadt told the Regional Development Committee on Monday.
more »
Three thousand former car, refrigerator and construction workers in Germany and Lithuania could get €7.6 million in EU globalisation adjustment fund aid for training, self-employment and professional orientation under plans approved by the Budgets Committee on Tuesday.
more »
Today, 22 February, the EU Council of Agriculture and Fishing in Brussels, under the chairmanship of the Spanish Minister, Elena Espinosa, will analyse the impact of the economic crisis on the Greek agricultural sector, which has experienced a drop in prices and income, with small farms that pose an obstacle for the producer for negotiating with large distribution chains.
more »
Municipal policies to tackle the crisis and their application at EU level will be discussed during the three days of the summit entitled, “Networked Local Governments for a New Europe”, which will bring together representatives from 260 cities in Barcelona.
more »
The EBRD is promoting energy efficiency and renewable energy projects in Moldova, helping the economy to reduce its energy intensity with a new €20 million credit line for on-lending to local private companies.
more »
The EBRD is lending $1.2 million to Salkyn, one of the largest ice cream producers in Turkmenistan, to help the company expand its distribution network and build up its brand.
more »