A group of minority shareholders of Rompetrol Rafinare(Rompetrol Refinery - RRC), which includes senator Attila Verestoyof UDMR (Democratic Alliance of Hungarians in Romania) say Kazakhgroup KazMunaiGaz paid around 1.7 billion dollars to fully takeover the Rompetrol group from Dinu Patriciu. They base theirstatements on audit reports of the KazMunaiGaz group, put togetherby Ernst&Young. The minority shareholders ask that the price inthe tender offer to be launched by the Kazakh company for theminority stakes in RRC consider the highest price paid for theindirect takeover of the refinery's shares. Verestoy, once close toDinu Patriciu, now leads the group of shareholders fightingRompetrol's Kazakh shareholders, in a bid to get as high a price aspossible for their shares in RRC. Verestoy holds around 1.5% inRRC's capital, and is one of the biggest minority shareholders.Contacted by ZF, Verestoy did not wish to provide comment. "Mylawyers are handling this matter," said the UDMR senator, one ofthe most influential Romanian politicians, a senator since June1990. KazMunaiGaz took over the 75% majority stake in Rompetrol in2007 from Dinu Patriciu, for around 1.6 billion dollars, and inJune 2009 bought the remaining 25%, with the transaction amountingto around 101 million dollars, according to minority shareholders.Rompetrol Rafinare, where the Rompetrol group holds a 75% stake, isthe leading company in the group. CNVM (National SecuritiesCommission) forced KazMunaiGaz in July to launch a tender offer forRompetrol Rafinare, requiring the Kazakhs to also reveal the pricepaid in the two transactions that secured them full control ofRompetrol.
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