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
According to Spain's Minister of Industry, Tourism and Trade, Miguel Sebastián, currently chairing an Informal Energy Council today in Seville, the key to achieving a common EU energy market is to establish interconnections.
more »
Mr. Dominique Strauss-Kahn, Managing Director of the International Monetary Fund (IMF), announced today that the Fund will provide US$100 million very rapidly in emergency financing to Haiti to assist it in dealing with the aftermath of the massive and devastating earthquake that has hit the country.
more »
Mr. Dominique Strauss-Kahn, Managing Director of the International Monetary Fund (IMF), issued the following statement on Jamaica today.
more »
The Government of the Republic of Korea and the International Monetary Fund (IMF) announced today that they will jointly host a high-level international conference on Asia in Seoul, South Korea, during July 12-13, 2010.
more »
Mr. Dominique Strauss-Kahn, Managing Director of the International Monetary Fund (IMF), will travel to Tokyo and Hong Kong SAR, January 18−20, 2010.
more »
After lots were drawn, ten winners of Danske Bankas scholarships and one winner of an iPod shuffle player were established.
more »
The Meeting is convened on the initiative and by the resolution of the Management Board of the Bank.
more »
Today, Thursday, on the second and last day of their informal meeting in La Granja (Segovia), the ministers responsible for European Affairs will study the challenge of how to boost reflation through sustainable growth that generates new employment.
more »
How well-equipped are European companies to meet the challenges of global competition and the recent recession? The 2009 European Company Survey provides some clues.
more »
The European Commission decided today not to raise any objections to Finland's plan to support infrastructure investments in Vaasa regional airport.
more »