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Tuesday, November 02, 2004

OMV already profits 450 milion EURO from Petrom

As you remember, OMV signed three months ago the contract for buying the SNP Petrom oil company in Romania. It seems that, in these three months, the Austrian company OMV has already made a 450 milion profit from the transaction.

This is possible as the price of Petrom on the Bucharest Stock Exchange has climbed 20% since the privatisation contract was signed and the stock taken over by OMV at a price of 2,158 ROL/share is now worth 2,800 ROL/share.

Even though brockers expected Petrom shares to go up, nobody expected that this will happen so soon and with such great magnitude.

Posted by Mihai : 11/02/2004 01:19:00 pm