The Economy and Trade Ministry will this week announce the investors the Romanian State will enter into talks with for the sale of majority stakes in Distrigaz Nord and Distrigaz Sud.
According to quoted sources, there are already pressures on the authorities co-ordinating the process to observe the rules settled for this privatisation, given that Romania is preparing to finalise its EU integration negotiations.
The press conference scheduled for yesterday, during which the investors selected for the two Distrigaz companies were to be announced, has been postponed.
The German company Ruhrhas, part of the E.ON concern, is the strategic investor selected by the Romanian authorities to start negotiations for the take-over of 51% of the stock of Distrigaz Nord, according to market sources.
As regards Distrigaz Sud, representatives of Gaz de France last week held “clarification meetings” at the Office for State Participations and Privatisation in Industry (OPSPI), in the wake of which a favourable outcome is expected.
However, Gazprom submitted a “package” offer that included a gas supply contract in addition to the offered price, according to some market sources.
The latest information indicates tight competition between the bids put forwards by Gaz de France and Gazprom for Distrigaz Sud. Of these bids, the one made by the French stands the highest chances, according to the same sources. The Economy and Trade Ministry maintains that the respective information is merely speculation.
The privatisation of the two gas distribution companies is expected to be concluded in September, considering that Romania’s performance will be assessed in November by EU bodies with a view to its entry into the EU in 2007.
The state is directly selling only 30% of stock in each of the two gas distribution companies to different investors, which will participate in a capital increase to reach a final 51% share. In July, Ruhrgas (Germany), Gaz de France (France) and Enel (Italy) submitted binding bids for Distrigaz Nord and Distrigaz Sud, with Gazprom also opting for the latter company.
The Gazprom team dealing with the transaction is made up of the law-firm Racoti, Predoiu si Asociatii, with the Dutch bank ABN Amro as financial consultant.
The State is being assisted by the investment bank Credit Suisse First Boston, the Romanian-American Enterprise Fund (RAEF)) and the law firm Linklaters.