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Rompetrol Group Fully Takes Over Vega Refinery, Increases Stake In Rompetrol Rafinare

Romania’s second-largest oil company Rompetrol Group NV fully took over Rompetrol SA Bucuresti, operator of Vega refinery, thus increasing its stake in its refining unit Rompetrol Rafinare from 73.27% to 75.32%.
Rompetrol Group Fully Takes Over Vega Refinery, Increases Stake In Rompetrol Rafinare
06 mart. 2009, 19:55, English

Rompetrol group developed between December 22 and January 12 a shareholder withdrawal operation at Rompetrol SA, then delisted the company from Rasdaq market. Thus, the group took over another 1.01% stake in Vega operator, for 4.5 million lei (EUR1=RON4.2903), and took over full control of the company.
 
Rompetrol SA Bucuresti owns a 9.14% stake in Rompetrol Rafinare, and after the takeover, The Rompetrol Group owns 75.32% in Rompetrol Rafinare, compared with the previous 73.27%.
 
According to the capital market’s legislation, shareholders that exceed certain thresholds, including 75% in a company, should announce Romanian Securities Commission CNVM and the bourse on the new structure.
 
Rompetrol Rafinare has a share capital of RON2.1 billion, split up into 21.09 billion shares with a face value of RON0.1 each.
 
CNVM announced Friday it plans to oblige indirect shareholders owning over 33% in a company to launch a takeover bid.
If the project comes into effect, Rompetrol group will have to launch an offer for full takeover of the two companies.
 
CNVM project had a significant impact on investors, which increased the price of Rompetrol Rafinare shares by 15%, at RON0.0299. Thus, the company’s market value stands at RON630.8 million.
 
Rompetrol group, majority owned by Kazakhstan’s KazMunaiGaz, includes 40 companies, operating in 13 countries.