Austrians change Petrom's name

Austrian group OMV, the majority shareholder of Petrom
Bucharest (SNP), the biggest company in Romania, proposed a name
change of the company to OMV Petrom. The proposal is to be debated
by shareholders during an extraordinary general meeting called for
the 20th of October 2009, during which other modifications of the
articles of incorporation are to be discussed, as well. The change
of the company’s name is OMV’s most important decision after the
end of the five-year monitoring period following the privatisation.
According to the privatisation contract signed with the Romanian
state in August 2004, OMV did not have the right to change Petrom’s
name or sell its core assets for five years. OMV owns 51% in
Petrom, while the state controls 40.75% through the Economy
Ministry (20.64%) and the Property Fund (20.11%). EBRD owns 2% in
Petrom, while the remaining 6.2% are held by investors on the Stock
Exchange. Petrom posted 4.55 billion-euro business last year.