Rompetrol Group To Launch Takeover Offer For Rompetrol Well Services

Romania’s second-largest oil group Rompetrol will also launch a mandatory takeover offer for the stake it does not own in Rompetrol Well Services (PTR.RO), asking Romanian securities commission CNVM for a delay in filing the papers by October 30.

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Rompetrol Group To Launch Takeover Offer For Rompetrol Well Services

Dutch-based The Rompetrol Group, owned by KazMunayGaz, said it already began preparations for the takeover bid, but the “complexity of such an operation” makes it impossible to submit the papers by the deadline.

On Wednesday, the group also asked for a two-month delay in launching a mandatory takeover offer for the remaining 24.68% stake in its refining unit Rompetrol Rafinare (RRC).

Under a regulation issued by Romanian securities commission CNVM, stockholders who own more than 33% of a company’s share capital are compelled to launch a takeover bid for the stakes they don’t control.  The regulation is mandatory for indirect shareholders as well.

The Rompetrol Group owns a 75.32% stake in Rompetrol Rafinare and has indirect control over 51% of Rompetrol Well Service’s shares.

Rompetrol is fully owned by KazMunayGaz, after the latter took over from Romanian businessman Dinu Patriciu the remaining 25% stake in the group in June this year. In August 2007, Patriciu sold a 75% stake in Rompetrol to KazMunayGaz for $1.6 billion.

Rompetrol Well Services reported a 38.1% lower profit in the first six months, at RON8 million, and a turnover of RON34.6 million, 26.7% lower from the same period a year earlier.

On the Bucharest bourse Wednesday, Rompetrol Well Services’ shares closed up 0.88% on the day at RON0.345. Thus, the company’s market value stands at RON95.9 million.

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