Rompetrol willing to buy if OMV sells

Austrian OMV Group is determined to sell its 25.1% in Rompetrol, and Rompetrol has preemptive rights. This is what Dinu Patriciu, chairman and majority shareholder of the Romanian oil group said.

“As far as I know, OMV wants to sell this stake and Rompetrol has preemptive right for buying it. Separating the two statements from one another is pointless and the second statement is very important,” Dinu Patriciu specified.

Inquired by Ziarul Financiar whether such a transaction had room for investment funds he said, “There are investment funds interested (in buying the stake from OMV i.e.), there’s room enough for them, though later.”

OMV officials, however, say no decision has yet been made about the Rompetrol stake, as the group awaits a decision from the Competition Council on the acquisition of Petrom first.

“No decision about the sale has been made yet. We’re waiting for the Competition Council decision. We don’t know when they will make a decision, and until such time comes, OMV will not decide on the sale,” OMV’s representatives commented.

The Austrians bought 25.1% in Rompetrol in a deal estimated at more than $50 million in the autumn of 2002. Last autumn, however, OMV joined the race for Petrom’s privatisation, which it won this summer and signed the deal to buy 51% in this company in July.

The deal should be finalised in the fourth quarter of this year. OMV needs up to 1.5bn euros to fund its acquisition.

The Competition Council is now looking into the impact of the takeover of 51% in Petrom and of the 25.1% in Rompetrol by OMV on the competition on the oil market, suspecting the Austrians might this way get a dominant position on the market.

OMV notified the competition authorities of its takeover of Petrom on August 23, but the Competition Council has recently requested additional information to establish the relevant market, given Petrom’s international operations. It has four more months available to deliver a ruling on OMV’s case, according to the legislation in force.
adrian.mirsanu@zf.ro