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PRIVATISING NATIONAL OIL COMPANIES: ASSESSING THE IMPACT ON FIRM PERFORMANCE - page 8 / 30

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YPF

Argentina

Jul. 93

4,200

100%

41%

-

0%

OMV

Austria

Nov. 87

117

100%

85%

1989, 1996

35%

Petrobras

Brazil

Aug. 00

4,030

62%

45%

2001

40%

Petro-Canada

Canada

Jun. 91

478

100%

81%

1992, 1995, 2004

0%

Fortum

Finland

Dec. 98

1,045

98%

76%

2002

51%

Elf Aquitaine

France

Sep. 86

493

67%

56%

1991, 1992, 1994, 1996

0%

Total

France

Jul. 92

906

32%

4%

1996

0%

Hellenic Petroleum

Greece

Jun. 98

311

100%

77%

2000

35%

MOL

Hungary

Nov. 95

153

100%

72%

1997, 1998, 2004

8%

ONGC

India

Mar. 04

2,350

84%

74%

-

74%

Eni

Italy

Nov. 95

3,907

100%

85%

1996, 1997, 1998, 2001

30%

Japex

Japan

Dec. 03

287

66%

50%

-

50%

Inpex

Japan

Nov. 04

583

54%

36%

-

29%

Statoil

Norway

Jun. 01

3,292

100%

81%

2004, [2005]

63%

Petrochina

P.R. China

Apr. 00

2,890

100%

90%

[2007]

86%

Sinopec

P.R. China

Oct. 00

3,470

100%

78%

-

76%

CNOOC

P.R. China

Mar. 01

1,400

100%

71%

[2006]

66%

OGDC

Pakistan

Nov. 03

120

100%

95%

[2006]

85%

Pakistan Petroleum

Pakistan

Jun. 04

96

93%

78%

-

78%

Petron

Philippines

Aug. 94

335

60%

40%

-

40%

PKN

Poland

Nov. 99

513

85%

55%

2000

28%

Repsol

Spain

Apr. 89

1,140

96%

69%

1993, 1995, 1996, 1997

0%

PTT E&P

Thailand

Mar. 93

52

100%

85%

1994, 1998

67%

PTT

Thailand

Nov. 01

729

100%

69%

-

68%

Tupras

Turkey

Apr. 00

1,200

96%

66%

[2005]

0%

BP

U.K.

Jun. 77

972

68%

51%

1979, 1983, 1987, [1995]

0%

Britoil

U.K.

Nov. 82

911

100%

49%

1985

0%

Enterprise Oil

U.K.

Jul. 84

524

100%

0%

-

0%

from listing prospectuses, annual reports and third party databases. Table 1 sets out

the companies and privatisation transactions included within the sample.8

Follow-on SIPs (Years)

Current state ownership (%)

Notes: Follow-on SIP [dates] in brackets: Offer not included in sample due to insufficient post-transaction data (except BP, see below).

Firm-specific notes:

  • -

    YPF: State ownership includes both central and provincial government; state ownership after privatisation (41%) is post debt-to-equity swap effected concurrently with IPO; YPF/Argentine governent accepted takeover offer from Repsol in 1999/2000.

  • -

    OMV: Abu Dhabi state vehicle IPIC became strategic investor (20%) in 1994.

  • -

    Petrobras: State ownership is economic interest and includes central government (32%) and state-owened bank; combined state voting interest is at 58%; Petrobras long had local minority share listing (in 1983 private ownership reported at 16%) and smaller sales of preference shares, usually by state bank BNDES, took place e.g. in 1985 and 1994-97. The 2000 international IPO was significantly larger and comprised common (voting) shares.

  • -

    Fortum: Oil business spun off in 2005 ("Neste Oil"), state ownership 50.1%.

  • -

    Elf Aquitaine: Fully privatised by year-end 1996, accepted takeover/merger offer from TotalFina in 1999.

  • -

    Hellenic Petroleum: Two additional trade sales to Paneuropean Oil/Latsis Group (36% in total) in 2003/04.

  • -

    MOL: 8% are treasury shares, so officialy held by company rather than state; state retains 'golden share'.

  • -

    ONGC: An additional 10% of shares is held by other state-owned Indian oil companies, so effective state ownership is 84%.

  • -

    Inpex: State diluted from 36% to 29% due to acquisition of Teikoku Oil in 2006; Japex (50% state) owns further 11% equity in Inpex.

  • -

    Statoil: State ownership diluted from 70% to 62.5% due to acquisition of Norsk Hydro Petroleum in 2007.

  • -

    Petrochina: State ownership diluted from 88% to 86% due to A-Share issue in 2007.

  • -

    CNOOC: 2004 convertible bond issue not included.

  • -

    Pakistan Petroleum: International Finance Corporation (IFC) became shareholder (6%) prior to IPO.

  • -

    Petron: Saudi-Aramco became strategic investor (40%) prior to IPO.

  • -

    PTT: 15.5% of equity now held by state-owned Vayupak Fund instead of Ministry of Finance directly.

  • -

    PTT E&P: State ownership is indirect through PTT parent company.

  • -

    Tupras: 2.5% of equity had already been sold on the local stock exchange in 1991; following an unsuccessful attempt in 2003, an additional 51% of the company was sold in 2006 to a consortium led by KOC Holdings.

  • -

    BP: The underwritten block sale of final 1.9% government shares in December 1995 is rarely reported in BP privatisation history. The sale value was US$800 million, but is not considered in the follow-on sample due to the small percentage size of the offer.

Source: Company information, Press reports, Megginson (2005)

Table 1: Sample of global oil and gas SIPs

Company

Initial share-issue

Offering

Issue size

date

(US$m)

Country

privatisation

State ownership (%)

Before

After

8 No OPEC member has endorsed NOC (part-) privatisation , but countries such as Norway, Canada and Brazil are home to significant hydrocarbon provinces.

8

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