August 25, 2011 / 6:48 AM / in 9 years

Romania approves sale of stake in in Tarom

BUCHAREST, Aug 25 (Reuters) - Romania has approved the sale of a 20 percent stake in state-owned carrier Tarom, in keeping with its pledge to reform state firms under an IMF-led aid deal.

Under a 5 billion euros ($7.2 billion) aid package led by the International Monetary Fund, Romania has said it will sell a slew of minority stakes in energy and transport companies this year and next.

The initial public offering for Tarom was originally seen in 2011, but may be delayed pending market conditions.

In July, Romania failed to sell a minority stake in oil and gas firm Petrom , majority-controlled by Austrian group OMV , as bids did not live up to its minimum price in what was a key test of its commitment with the IMF to sell stakes in more investment-hungry state firms. ($1 = 0.694 euro) (Reporting by Luiza Ilie; Editing by Dan Lalor)

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