Strategic investors first!

The European Bank for Reconstruction and Development (EBRD) wants to participate in the privatisation of SNP Petrom, the largest company on the Romanian market, but it may not buy a stake until the controlling interests are sold to a strategic investor. “The minority shareholders will be allowed to buy shares as soon as the strategic investor gets the controlling interests. Only then will EBRD and PAS Petrom (SNP Petrom’s employee association) be allowed to buy 5%-10% under the same conditions. We will decide on the optimal percentage, which is above 5%,” Senator Doru Laurian Badulescu, head of the Office for State’s Interests and Industrial Privatisation (OPSPI) on Wednesday said. He added, “the Bucharest Stock Exchange may be offered SNP Petrom stakes, but only after the majority shareholder gets the controlling interests.” Petrom’s privatisation is scheduled for completion by the end of 2003, with the deadline in the PSAL II programme set for December 31, 2003. ZF