Austria’s OMV supports Romanian group’s secondary listing in London

Austrian oil group OMV, the majority shareholder of the Romanian oil & gas company OMV Petrom, supports the secondary listing of the company on the London Stock Exchange, according to its representatives. Romanian investment fund Fondul Proprietatea has asked OMV Petrom’s shareholders to consider a secondary listing in London, via deposit certificates (GDRs). “We support the secondary listing on the London Stock Exchange, because we see the benefits of a GDR program for increasing OMV Petrom’s visibility and improving the company’s liquidity, which will have a positive impact on the shareholders,” said Robert Lechner, OMV spokesman, quoted by Mediafax. OMV has a 51% stake in OMV Petrom, whereas Fondul Proprietatea has a 19% stake and the Romanian state holds a 20.6% share. Romania’s OMV Petrom considers secondary listing in London, Fondul Proprietatea may sell Romanian OMV Petrom’s profit drops by a quarter in the first half How did Romania’s Petrom save Austria’s OMV? editor@romania-insider.com