Romanian Government Inks Brokerage Deal For Tarom IPO
The Romanian Government reversed its decision to cancel the auction selecting a broker for the sale of a 20% stake in airline Tarom, after the rejected sole bidder changed its offer and halved the commission it requested.
The consortium, fomed of brokerage firms Carpatica Invest and Swiss Capital, former KBC Securities, initially asked for a 3.99% commission if the stake was sold for at most EUR20 million. The commission would then be added with a percentage betwen 1% and 3% for the sum obtained above EUR20 million in the transaction.
Early-November, Transport Minister Anca Boagiu said the auction for a broker was cancelled, since there was only one bid, which was “incompliant and expensive”.
The cancellation of the auction and a new auction were decided in a Government meeting on November 9.
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