JP Morgan, Citigroup , Goldman Sachs , Morgan Stanley and Deutsche Bank have submitted individual offers for consulting services related to the 15% IPO at Romanian state-controlled hydropower plant operator Hidroelectrica, news agency Mediafax announced. The government wants to operate the 15% IPO in June, energy minister Constantin Nita said last week. The IPO will be made by issuing new shares rather than selling existing shares. In fact, the government promised to issue new shares in all future IPOs at key state-controlled companies so that the companies can use the funds for investments. The government also scheduled IPOs at power distribution company Electrica in June and power generation company CE Oltenia in October 2014 . The five large banks – four from the US and one from Europe , have already formed consortia of consultants, unofficial sources told Mediafax. Swiss UBS has reportedly abandoned the race. The first consortium is reportedly formed by JP Morgan with Romania's BRD and France's Societe Generale . Goldman Sachs has teamed up with Romania's BCR and Austria's Erste Group , while Morgan Stanley and Erste would form a third consortium. Deutsche Bank is accompanied by UniCredit of Italy and Greece's Alpha Finance. Finally, a fifth offer is submitted by Citigroup in partnership with a series of brokerage houses: Wood&Company from the Czech Republic , Swiss Capital from Romania , NBG Securities (Romanian and Greek branches) and Romania's BT Securities . The government will check preliminarily the offers on January 20 but the winner will be announced only after the offers are estimated.
Most Popular Stories
- Koch Brothers Step up Anti-Obamacare Campaign
- FDIC Sues Big Banks Over Rate Manipulation
- Vybz Kartel Convicted of Murder
- SoCalGas Reaches Record Spend on Diversity Suppliers
- Ulta Shares Look Good on Strong Q4
- Jittery Investors Dumping Russian Stocks
- Is Malaysian Airlines Flight 370 in Andaman Sea?
- FDIC Accuses Big Banks of Fraud, Conspiracy
- Stocks Close Lower Ahead of Crimea Vote
- U.S. Consumer Sentiment Falls in Early March