Petrom decision on Romexterra stock, in September

By September 23, Petrom is to decide whether to sell its 2% participation in Romexterra, which is undergoing a merger process with Hungary’s MKB bank, said Werner Schinhan, the deputy general manager of the oil company. “We have recently received the stock purchase offering, we are studying the documents, but we haven’t come to a final decision yet. At any rate, we shall decide by the September deadline,” Schinhan stated. Petrom owns 2% in Romexterra, which accounts for almost 1% of the Romanian banking market. In early July, MKB, the Hungarian subsidiary of BayernLB, signed an agreement to take over a majority stake in Romexterra. On July 24, MKB launched a purchase offering for all Romexterra shares, valid for 60 days. The offering is carried through a Cypriot firm, Demera Investments, which is to transfer the stock to MKB. However, a group of Romexterra minority shareholders are disputing the way the takeover offering is being operated and the offered price.