Romania's AVAS Asks Petrom To Annul Spin-Off Deal

Romania’s privatization agency AVAS, which owns 20.6% in oil and gas company Petrom (SNP.RO), asked the company’s majority stockholder OMV AG (OMV.VI) to annul the Petromservice takeover deal, fueled by the high acquisition price. AVAS, which owns 20.6% in oil and gas company Petrom (SNP.RO), filed a legal complaint Friday against a shareholders’ decision to increase the company’s 2007 investment budget. AVAS asked for a partial annulment of the shareholders’ decision to revise the ...

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