|2012-01-11 - 13:42:00 - DJ Three Consortia To File To Broker Romania Romgaz IPO-Sources-Mediafax|
DJ Three Consortia To File To Broker Romania Romgaz IPO-Sources-Mediafax
BUCHAREST (Dow Jones)--Three consortia, including U.S. banks JP Morgan, Goldman Sachs Group Inc and Citibank, will submit offers to broker the sale of a 15% stake in Romanian natural gas producer Romgaz, sources in the capital market told news agency Mediafax Wednesday.
They said the first consortium comprises Goldman Sachs, Austria's Erste Bank AG and its Romanian subsidiary BCR, Raiffeisen Capital&Investment and Intercapital Invest.
A second consortium comprises JP Morgan, UniCredit CAIB, Alpha Finance and Alpha Bank, while the third one is made up of Citibank, France's Societe Generale, together with its Romanian unit BRD, and Netherlands-based ING Bank.
Romania owns 85.01% in Romgaz and plans to list a 15% stake in Bucharest by the end of June.
Banks and brokerage firms that want to run the initial public offering are expected to present their bids to the Economy Ministry by Jan. 16.
Market participants evaluate the offering at some EUR300 million, a record sum on the Bucharest Stock Exchange.
Under a EUR3.5 billion loan agreement with the International Monetary Fund, Romania has pledged to sell minority stakes of 10% to 15% in key energy and gas producers, including Romgaz, Nuclearelectrica, Transelectrica (TEL.RO), Transgaz (TGN.RO) and Hidroelectrica.
Romgaz reported a net profit of 677.7 million lei (EUR155.3 million) in the first eight months of 2011, more than double on the year, on total sales of RON2.57 billion.
Agency Web site: http://www.mediafax.ro
(END) Dow Jones Newswires
January 11, 2012 08:42 ET (13:42 GMT)