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MATTHIAS VOGEL, VEOLIA
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Fondul Proprietatea seeks secondary listing at London, Wall Street Journal reads

Romanian fund Fondul Proprietatea is in the midst of a European roadshow to prepare the ground for a U.K. listing, according to an article of Wall Street Journal.

2014-11-07 17:38:00

"The 2.6 billion Euro (3.26 billion US dollars) Fondul Proprietatea fund, which is managed by Franklin Templeton Investments, is in the midst of a European roadshow to prepare the ground for a U.K. listing. The fund is already listed in the Romanian capital Bucharest and counts activist hedge fund Elliott Associates, which owns 15 per cent, as its biggest private shareholder.

Fondul Proprietatea is a joint-stock company established by the Romanian state, but which is intended to become entirely private and independent from the state. Its specificity lies in the fact that its purpose and its operations are governed by special legislation. Shareholders must be owners dispossessed by the Romanian state during the Communist regime.

In July this year, Fondul Proprietatea (FP) sold its stake of 13.5 per cent in Transelectrica through a private placement, receiving 212.7 million lei (48.5 million Euro). The transaction was mediated by Raiffeisen Bank and UniCredit, and SSIF Broker acted as joint lead manager. FP announced its intention of selling Transelectrica shares, the private placement being intended only for qualified investors and institutional investors. In December last year, FP sold its Transgaz shares through a private placement, representing 14.98 per cent of the company, for 303.51 million lei (68.6 million Euro).



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