Romania is selling around a 9.8% stake in oil and gas group, Petrom, Reuters reports. The sale is a part of the government plan to raise $960 million on the Bucharest bourse by the end of 2011. Renaissance Capital, EFG Securities, BT Securities and Romcapital are the lead managers for the sale. The Romanian government holds a 21% stake in Petrom, while the remaining stake is held by Austria’s OMV.

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