OMV Petrom shareholders approve London listing

By bne IntelliNews September 23, 2015

bne IntelliNews -

 

Shareholders of Romanian oil and gas company OMV Petrom, part of the Austrian group OMV, have approved the secondary listing of the company’s shares on the London Stock Exchange. 

At an extraordinary general shareholders meeting on September 22, shareholders holding 72.7% of the company’s share capital approved the secondary listing by the issuance of GDRs for existing shares.

The secondary listing was asked for by Fondul Proprietatea, which has a 19% stake in OMV Petrom and which wants to sell at least part of its shares. Its request was supported by the main owner of OMV Petrom, Austrian group OMV, which holds a 51% stake.

“We see the benefits of GDR listing in increased visibility of OMV Petrom and higher total trading liquidity, with a positive impact on the shareholders,” an OMV spokesperson commented.

Fondul Proprietatea said the listing would diversify the shareholder base and increase coverage from foreign brokerage houses.

Fondul Proprietatea has proposed to its shareholders to reduce its participation in OMV Petrom by at least 4%, from 19% currently. ​It also announced that it was considering the option of cutting its stake below 15%, including by the public offering of shares and GDRs, conditioned on the market circumstances and necessary permits from the market regulators.

Fondul Proprietatea itself made a secondary listing on the LSE in April. Its London listing followed the recent IPOs of two major Romanian companies: electricity distribution company Electrica in 2014 and gas company Romgaz in 2013.

On April 9, Romania’s Financial Supervisory Authority  announced it had approved a new regulation allowing local issuers to carry out secondary listings on foreign exchanges using depositary interest instruments, finally opening the way for Fondul Proprietatea  and other companies to go ahead with their LSE listings.The Bucharest Stock Exchange has expressed concern over the potential risk of the migration of transactions for strategic Romanian companies from Bucharest to London.

Related Articles

Macedonia kept on hold as Balkans edges towards EU goal

Clare Nuttall in Bucharest -   Macedonia’s EU accession progress remains stalled amid the country’s worst political crisis in 14 years, while most countries in the Southeast Europe region have ... more

Romania’s Dacia changes gear

Clare Nuttall in Bucharest - Automaker Dacia has been highly successful in exporting to markets across Europe and the Mediterranean area since its takeover by Renault in 1999, but the small ... more

INTERVIEW: Romania’s Fortech prepares for next growth stage

Clare Nuttall in Bucharest - In the last 12 years, Fortech has grown into one of Romania’s largest IT outsourcing companies – a home-grown contender in a market increasingly populated by ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss