Patriciu buys back Rompetrol stake

Austrian oil group OMV announced it would sell its 25.1% in Rompetrol to Rompetrol Holding SA, a company based in Switzerland and held by Rompetrol’s management. Rompetrol’s chairman and principal shareholder is businessman Dinu Patriciu. Successful completion of the Petrom acquisition by OMV was added as a pre-condition to the agreement between the two parties. The Rompetrol stake owned by OMV recently attracted the attention of MOL and various foreign investment funds. “The sale of the OMV stake in Rompetrol will allow OMV to channel its efforts into Petrom’s downstream operations. If the conditions for closing the deal with Rompetrol are not met, OMV will be free to choose other ways to sell,” OMV officials said at the close of last week. The decision by the Austrians had been eagerly awaited on the market, following conclusion by OMV of the deal to take over Petrom. ZF