Romania OKs Six Bids For Petrom Sale Brokerage - Sources

The consortiums whose technical offers were accepted are BCR with JP Morgan and Intercapital Invest, Raiffeisen Capital&Investments with Morgan Stanley, ING Bank with UBS, UniCredit CA IB Securities with Goldman Sachs, Alpha Bank with Nomura and CEC Bank, BT Securities with Renaissance Capital, Romcapital and EFG Securities.

The bid filed by BRD, Citibank and Societe Generale was disqualified since it was registered after the deadline. Bidding was supposed to end at 12 pm local time. The consortium arrived at the registrar before that time, but the bid was ultimately registered at 12:07 pm.

Authorities will now score each technical offer and keep only those that score above 85 out of 100. Next, at least two weeks from now, the financial offers will be opened and scored. The winner will be decided using a score calculated as the average between the technical score score and the financial one.

The state plans to sell a 9.84% stake in OMV Petrom (SNP.RO), keeping 10.79%. The offer is estimated at some EUR500 million calculated on the latest stock market price.

Austrian group OMV holds 51.01% in Petrom, while the state currently holds 20.63% and Fondul Proprietatea (FP.RO) controls 20.11%.

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