Employees to buy less than 8% in Petrom

Petrom employees will initially buy less than 8% in the company, since they do not have the necessary funds available, the new Economy and Trade Minister, Codrut Seres, said during his first news conference on Tuesday. “I’m meeting Liviu Luca (the leader of Petrom’s Employee Association and Petrom’s unions) this week. I don’t think they’ll buy 8% at first. Instead they will buy smaller stakes, the main problem being that they don’t have the necessary funds at this time. At least this is what can be gathered from the signals received by the Office for State Interests and Industrial Privatisation. As far as I’m concerned, I have no problem selling them the 8% that is set aside,” Seres said. Current legislation gives Petrom employees the opportunity to buy up to 8% at the same price paid by the strategic investor (OMV) in the privatisation. ZF