Petrom turns down Megaconstruct and Distrigaz Sud bids

Petrom, the largest Romanian company, has decided to turn down two bids from Distrigaz Sud, the largest natural gas transmission and supply company in Romania, and Megaconstruct, a company held by businessman Dan Adamescu, the owner of Unirea Shopping Center in Bucharest, to buy Petrom Distributie Gaze. “We got notification from Petrom whereby we were told that the company reserved the right to restart the sale because the offers were unsatisfactory (…),” stated Catalin Ivan, general manager of Megaconstruct. Petrom did not comment on the information, while Distrigaz Sud said it did not receive any such notification. Early in the year, Petrom officials had said that they wanted to sell Petrom Distributie Gaze because it was not considered part of the core business.