“The oversubscription of the Transelectrica SPO represents both a positive sign for the Bucharest Stock Exchange and a token of trust from the investors. The successful outcome of the offer is due to the more favorable conditions of the market, starting with the first trimester of the year, but most of all the manner of implementation and overall development of the process have proved MECMA/OPSPI’s high level of transparency and flexibility in dealing with investors. Considering these recent developments, we expect that the future offers for the 15% shareholding stake in Transgaz and 20% of Tarom, to take place on the Bucharest Stock Exchange will also be successful”, stated Miruna Suciu, Partner Muşat & Asociaţii.
Muşat & Asociaţii was directly involved in this high-profile project, advising the Office of State Privatization and Industry (OPSPI) ever since the project’s commencement in March 2011. The mandate included the selection of the underwriting consortium and supervising all activities, including negotiation of the underwriting contract, drafting the prospectus, structuring the transaction and providing legal assistance throughout the entire sale process. Structuring the offer in a manner which allows compliance with the tight timeframes agreed with International Monetary Fund, conducting discussions with regulation authorities, harmonizing the process of gathering information according to EU regulations were just few of the key legal issues that required particular attention.
The team of six experienced lawyers in complex capital markets transactions, who contributed to the successful completion of the project, was coordinated by Miruna Suciu, Partner Muşat & Asociaţii.
Muşat & Asociaţii is also involved in two other major projects on the Bucharest Stock Exchange: the sale of a 15% stake in Transgaz and the initial public offering to sell 20% of Tarom.
The firm is recognized for its constant involvement in key transactions on the capital market, such as the takeover bid conducted by Rompetrol Group for Rompetrol Rafinare, the acquisition and delisting of Beer Azuga by SABMiller or assisting Sanofi-Aventis with respect to the takeover bid of Zentiva on the local market.
