Shareholding change at Petrom

Austrian petroleum group OMV has announced the conclusion of the share capital increase operation along with the release of a convertible bond issue, which amount to more than 1.2bn euros. This money will be used to buy Petrom.

The solution used by OMV to raise additional cash led to a change in the shareholding structure of the group, so that its two main shareholders, the Austrian State and the Abu Dhabi-based petroleum sector investment fund IPIC no longer hold the controlling interests, given that they did not participate in the share capital increase. “The benefits from this deal will refinance Petrom’s acquisition and boost the efficiency of our company. Issuing convertible bonds adds an efficient instrument with regard to the cost of our capital structure. We will continue to consolidate our leading position in the CEE region,” Wolfgang Ruttenstorfer, OMV’s chief executive said last weekend. ZF