Petrom increases its participation in Petrom Aviation
- Petrom acquires an additional 20.87% stake in Petrom Aviation and will hold 69.37%
- The value of transaction is approximately EUR 2.5 mn
Petrom, the largest oil and gas producer in South Eastern Europe, closed a transaction with the Association of Petrom’s Employees for the acquisition of an additional stake of 20.87% in Petrom Aviation by way of a transaction on the Bucharest Stock Exchange. Following settlement of the transaction, Petrom will increase its participation in the company to 69.37%. The value of transaction is approximately EUR 2.5 mn. Petrom is going to launch a mandatory public takeover offer to the remaining shareholders of Petrom Aviation in accordance with applicable law.
Tamas Mayer, member of Petrom’s Executive Board, responsible for marketing: “Trough its participation in Petrom Aviation, Petrom is an important player on the jet fuel market; we are confident that this acquisition, together with the modernization measures which will be implemented in the next period, will help us consolidate Petrom’s operations in this segment.”
Following the transaction, the shareholders structure of Petrom Aviation will be as follows: Petrom – 69.37%, Rivta Handelsges mbh – 6%, Fondul Proprietatea – 3%, minority shareholders – 21.63%.
Petrom Aviation’s main activity is the selling of petroleum products for aviation to the Romanian and foreign flight companies operating on the Romanian airports. In 2007, Petrom Aviation had a turnover of 154 million lei and a market share of 30%.
Petrom is represented in the Board of Directors of Petrom Aviation by Mr. Tivadar Runtag and Mr. Maximilian Grasserbauer.