The bid price is 0.0741 lei per share, according to the ad on launching the public bid for compulsorily taking over the shares issued by Rompetrol Rafinare. The bid is valid for 20 weekdays over February 15-March 2, 2010. The intermediary of the bid is the Romanian Development Bank Groupe Societe Generale.
If, after the compulsory takeover public bid, the Rompetrol group owns more than 95 percent of the share capital of Rompetrol Rafinare, it intends to start the procedure of withdrawing the minority shareholders from the shareholders’ association of Rompetrol Rafinare and to withdraw the Rompetrol Rafinare company from trading on the Bucharest Stock Exchange market.
The Rompetrol Group is entirely owned by the KazMunaiGaz company from Kazakhstan, which, in 2007, bought a share package accounting for 75 percent of the Rompetrol capital from the Romanian businessman Dinu Patriciu and the remaining 25 percent in 2009. The Rompetrol Group owns 75.32 percent of the Rompetrol Rafinare shares and 51 percent of the Rompetrol Well Services bonds listed on the Bucharest Stock Exchange. In keeping with the law the shareholder owning more than 33 percent of the shares of a listed company must make a public takeover bid.