Romania’s Hidroelectrica to pick up consultant for 15% IPO

By bne IntelliNews December 23, 2013

Romania’s state-controlled hydropower company Hidroelectrica, which has a total installed capacity of 6.5GW and a EUR 1bn capital at book value, will pick up a new consultant for its IPO scheduled in 2014, news agency Mediafax announced quoting a company statement. Bids are expected by January 20.

The government has decided recently to increase the size of the IPO from 10% to 15% and the company consequently cancelled the previous procedures aimed at selecting the IPO manager. Earlier in the spring of 2012, Hidroelectrica picked up a consortium formed by local lender BRD, Citigroup, Societe Generale and Intercapital but the final contract has not been signed yet.

Romania’s government holds 80% in Hidroelectrica and the remaining 20% is owned by the restitution fund Property Fund [Fondul Proprietatea].

The company was under insolvency procedures for one year between June 2012 and June 2013 and in this period terminated the loss-making controversial long-term contracts with private power traders. Hidroelectrica expects a record high EUR 200mn net profit for 2013, according to its former CEO Remus Borza – who managed Hidroelectrica during the insolvency procedures.

Related Articles

Moldovan businessman Stati threatens to ask bailiffs to sell Kazakh Kashagan stake in legal battle

Moldovan businessman Anatolie Stati’s spokeswoman said on January 9 that Stati will ask bailiffs to sell a $5.2bn stake in the Kashagan oil field owned by Kazakh sovereign ... more

Romania’s Transgaz reportedly renews bid for Greece’s DESFA

Romanian gas transport company Transgaz has teamed up with Spain’s Regasificadora del Noroeste in an attempt to take over its Greek peer DESFA, where the Greek state has put a 66% stake up for ... more

Poland’s PKN Orlen launches offer to delist Czechia’s Unipetrol

Poland’s state-controlled oil and gas company PKN Orlen has launched an offer to take over Czech refiner Unipetrol, the Polish company said on December 13. PKN Orlen said it will go through with ... more