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Romania Invites Preliminary Bids for Majority in Posta Romana

Feb. 25 (Bloomberg) -- Romania is inviting preliminary bids for a majority stake in its state-owned postal monopoly, Posta Romana SA, by April 11, according to an official document published by the government in Ziarul Financiar.

The Bucharest-based Cabinet, which wants to sell a 51 percent stake in Posta Romana through a capital increase, will hold an auction on the sale after talks with potential investors based on their non-binding bids, according to the statement.

For submitting a bid, an investor must prove its solvency and show it has the financial resources for a capital increase in Posta Romana of at least 150 million euros ($198 million).

The date of the auction will be announced after the Communication Ministry selects a short list of investors, according to the statement.

To contact the reporter on this story: Andra Timu in Bucharest at atimu@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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