Clifford Chance Badea has advised Romanian oil and gas company OMV Petrom on the delisting of its global depository receipts from the London Stock Exchange.
The transaction also involved working with the regulatory authorities in Romania and the UK's Financial Conduct Authority. The GDRs were initially admitted to trading on the London Stock Exchange’s main market for listed securities back in October 2016.
Having advised on the initial listing as well, Clifford Chance Badea Partner and Head of Capital Markets Madalina Rachieru-Postolache noted: "I am particularly proud of being able to see the circle completed with this delisting, which is also a sign that the Romanian capital market has reached that competitive edge so as to compete with the largest European capital markets."
The Clifford Chance team was led by Rachieru-Postolache and included Bucharest-based Senior Associate Gabriel Toma and London-based Senior Associate James Koessler and Associate Mathias Toubiana.