OMV's Romanian unit Petrom to take over Shell Gas Romania, up stake in Trans Gas |
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Wed, 09 May 2007 12:53
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VIENNA (Thomson Financial) - Petrom SA, the Romanian unit of Austrian gas and oil company OMV, said it plans to exercise its rights to take over Shell Gas Romania SA and that it will also raise its stake in Trans Gas Services SRL.In a press release, Petrom said it has decided to exercise its preemption right to purchase the 55.53 pct of Shell Gas Romania that it does not yet own.Petrom's decision follows Shell's March 21 announcement of the planned sale of its liquefied petroleum gas (LPG) business in Romania, Bulgaria, the Czech Republic, Germany, Spain and Switzerland to French LPG distributor Rubis.Petrom also said that it plans to purchase an additional 60 pct of Trans Gas Services, raising its overall stake in the propane supplier to 80 pct.Details on the financial aspects of the planned transactions were not announced.Petrom expects competition authorities to approve the Shell Gas Romania deal by the third quarter of this year.peter.klopf@thomson.compkl/cmrCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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