Romania’s Fondul Proprietatea cashes in EUR 115 mln from OMV Petrom sale

Fondul Proprietatea (FP), the biggest investment fund in Romania, completed on Wednesday, September 16, the sale of a 3% stake in oil and gas group OMV Petrom (SNP). The fund sold 1.7 billion OMV Petrom shares representing 3% of the company’s capital, through an accelerated bookbuild offering.

The transaction closed at a price of RON 0.33 per share, 11% under the price at which the SNP shares were trading on Tuesday, before Fondul Proprietatea announced its intention to sell. The fund initially announced it wanted to sell at least 1.4 billion shares, but increased the amount based on the orders received from investors.

Following this transaction, Fondul Proprietatea reduced its stake in OMV Petrom to under 7%. Since 2013, the fund has sold about 13% of OMV Petrom’s shares through similar accelerated bookbuild offerings.

Citigroup Global Markets Limited and WOOD & Company Financial Services acted as joint bookrunners for the transaction.

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