SNP employees buy into Petrom Aviation

SNP Petrom Employees’ Association yesterday put out a bid on RASDAQ to buy about 20% in Petrom Aviation (Romarc Fuel), a company dealing in aviation fuels. Petrom Aviation’s majority shareholder is SNP Petrom, which holds 70% in it. Petrom came to control the company last year, following a capital increase in which the minority shareholders did not subscribe. Unwillingly acquiring control of a company requires putting out a takeover bid to buy all the shares on the market or selling the stake above 50%. If Petrom sells to the employees, it will come to hold a little less than 50%. ZF