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Dentons assists Romanian state in Romgaz listing

Dentons law firm has assisted the Romanian state, through the Energy Department, with respect to the largest public offer on the capital market in Romania, having as object the listing of the national gas company Romgaz.

2013-10-31 15:20:06

Dentons stood by the Romanian state even from the first stage of the listing process and has prepared all the necessary documentation in view of selecting the intermediary. Also, it dealt with the administration of the selection process from the legal point of view, as well as with the negotiation and monitoring of intermediation contracts, the local, and subsequently the international one.

The listing involved the implementation of new mechanisms for the Romanian market, such as the Global Depository Receipts (GDRs) or the stabilization process of the post-offer price, an instrument meant to insure protection against the risk of price decrease immediately after the listing, in the situation in which a significant number of investors who subscribed to the public offer intend to sell rapidly in order to mark their profit.

By all these elements, by the caliber of the targeted investors, and due to the fact this listing opens the gate for the direct and indirect trading of the issuer titles on two representative capital markets – Bucharest and London, the project has benefited from a special international exposure, contributing this way to Romania's promotion in the global business environment.

Anda Todor, managing partner, stated: The team made of Romanian and foreign lawyers has shown professionalism and creativity, and the outcome was proportional to the amount of effort made. We are glad that we were part of this pioneering project on the Romanian market, which took shape in a moment when the local economy needed a breath of oxygen.

Besides Anda Todor, the core team of Dentons lawyers included Christopher Berlew, partner, Septimiu Stoica, of counsel and Catalin Vlasceanu, senior associate.



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