{"id":1900379,"date":"2026-04-23T21:10:11","date_gmt":"2026-04-23T18:10:11","guid":{"rendered":"https:\/\/analyse.optim.biz\/?p=1900379"},"modified":"2026-04-23T21:10:11","modified_gmt":"2026-04-23T18:10:11","slug":"fara-isterie-si-manipulare-despre-listarea-companiilor-de-stat","status":"publish","type":"post","link":"https:\/\/analyse.optim.biz\/?p=1900379","title":{"rendered":"F\u0103r\u0103 isterie \u0219i manipulare, despre listarea companiilor de stat"},"content":{"rendered":"

[analyse_image type=”featured” src=”https:\/\/opiniabuzau.ro\/wp-content\/uploads\/2026\/03\/oana-matache-editorial-e1774967459666.webp”]<\/p>\n

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Oana MATACHE<\/strong><\/p>\n

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V\u0103 invit s\u0103 ave\u021bi r\u0103bdare s\u0103 parcurge\u021bi p\u00e2n\u0103 la cap\u0103t ceea ce am documentat \u00een r\u00e2ndurile ce urmeaz\u0103, este important. P\u00e2n\u0103 la urm\u0103, de aceea suntem reprezentan\u021bi ai poporului \u00een primul r\u00e2nd, \u0219i abia \u00een secundar ai partidelor, ca s\u0103 cercet\u0103m \u0219i s\u0103 prezent\u0103m corect \u0219i transparent ceea ce se \u00eent\u00e2mpl\u0103, f\u0103r\u0103 jum\u0103t\u0103\u021bi de informa\u021bie \u0219i patos.<\/strong><\/p>\n<\/blockquote>\n

Listarea companiilor de stat. V\u0103 invit s\u0103 vedem ce spune raportul, o prezentare f\u0103r\u0103 \u201eisterie\u201d, f\u0103r\u0103 manipulare de informa\u021bii doar de dragul de a face zarv\u0103 \u0219i f\u0103r\u0103 elemente de teoria conspira\u021biei. Pornim pur \u0219i simplu de la premisa c\u0103 nu vrea nimeni \u201es\u0103 ne v\u00e2nd\u0103 \u021bara\u2019\u2019. O lu\u0103m faptic, cu date verificabile.<\/p>\n

Pe 16 aprilie 2026, vicepremierul, doamna Oana Gheorghiu, a prezentat, ca reprezentant al Guvernului Bolojan, un raport exploratoriu privind listarea la burs\u0103 a unor companii de stat. Documentul este public.<\/p>\n

Ce propune acest raport concret:<\/h3>\n

Propune tranzac\u021bii prioritare, cu studiu de fezabilitate imediat pentru:<\/strong><\/span><\/p>\n

<\/a><\/div>\n
    \n
  • Hidroelectrica \u2013 prin ABB (o s\u0103 explic imediat mai jos ce este cu aceste abrevieri), pachet 5\u201310%, estimat 3,1\u20136,2 miliarde lei<\/li>\n
  • Romgaz \u2013 ABB, pachet 5\u20137%, estimat 2,2\u20133,1 miliarde lei<\/li>\n
  • CEC Bank \u2013 prin IPO, volum de stabilit<\/li>\n<\/ul>\n

    Tranzac\u021bii condi\u021bionate, cu termen 2027\u20132028:<\/strong><\/span><\/p>\n

      \n
    • Transgaz \u2013 ABB max 5%, condi\u021bionat de calendarul Neptun Deep<\/li>\n
    • CN APM Constan\u021ba \u2013 IPO 2027<\/li>\n
    • Salrom \u2013 IPO T1 2027, dup\u0103 audit al rezervelor de sare<\/li>\n
    • Romarm\/Cugir \u2013 IPO 2027 \u2013 2028, dup\u0103 modificare legislativ\u0103.<\/li>\n<\/ul>\n

      Statul p\u0103streaz\u0103 minimum 51% \u00een toate cazurile, afirmat explicit de doamna vicepremier \u0219i de programul de guvernare. Deci nu ar fi tranzac\u021bii totale, a\u0219a cum se las\u0103 de \u00een\u021beles \u00een anumite medii pentru a se crea panic\u0103.<\/p>\n

      Bun!<\/p>\n

      Acum vine partea important\u0103 \u0219i \u00eentreb\u0103rile esen\u021biale: De ce ABB \u0219i nu SPO pentru Hidroelectrica \u0219i Romgaz?\u00a0ABB (Accelerated Book Building) este o v\u00e2nzare rapid\u0103, peste noapte, c\u0103tre investitori institu\u021bionali.\u00a0SPO, \u00een schimb, este o ofert\u0103 public\u0103 secundar\u0103, este deschis\u0103 \u0219i popula\u021biei \u0219i creeaz\u0103 competi\u021bie de pre\u021b.\u00a0Au dreptul rom\u00e2nii s\u0103 fie explicat public de ce ABB \u0219i nu SPO? Au.<\/p>\n

      Mai departe, Hidroelectrica \u0219i Romgaz sunt deja listate, lichide \u0219i profitabile. Acel ABB se justific\u0103 de obicei prin vitez\u0103 \u0219i cost redus, dar sacrific\u0103 instant competi\u021bia de pre\u021b. Diferen\u021ba se poate traduce \u00een sute de milioane de lei pierdute.\u00a0Apoi, alt aspect: vinzi ce merge \u00een loc s\u0103 repari ce nu merge? Hidroelectrica \u0219i Romgaz produc dividende anuale la buget. Fiecare procent v\u00e2ndut \u00eenseamn\u0103 dividende pierdute permanent. Adic\u0103, mai pe rom\u00e2ne\u0219te, schimbi venituri sigure, recurente, pe bani \u00eencasa\u021bi o singur\u0103 dat\u0103. Asta \u00een timp ce Rom\u00e2nia are sute de companii de stat neprofitabile care consum\u0103 resurse.<\/p>\n

      S-a invocat \u0219i jalonul PNR , care cere \u201elistare SAU restructurare a cel pu\u021bin trei companii p\u00e2n\u0103 \u00een august 2026\u201d<\/em>. OK. De acord. Avem jaloane PNRR de urm\u0103rit, dar prin aceste decizii Guvernul alege calea facil\u0103, adic\u0103 listarea celor care merg, \u00een loc de calea mai grea, restructurarea celor care nu merg. Spune\u021bi dumneavoastr\u0103, rezolv\u0103 asta problema de fond? Este aceast\u0103 alegere \u00een avantajul Rom\u00e2niei?<\/p>\n

      Haide\u021bi s\u0103 ne uit\u0103m pu\u021bin \u0219i la transparen\u021ba execu\u021biei: \u00centr-un ABB, pre\u021bul se stabile\u0219te \u00een c\u00e2teva ore, cu un cerc restr\u00e2ns de investitori institu\u021bionali. Cum se selecteaz\u0103 banca intermediar\u0103? Cine verific\u0103 independent pre\u021bul final? Controlul public asupra procesului este, prin natura mecanismului, limitat indiferent de buna sau reaua credin\u021b\u0103 a celui care \u00eel execut\u0103.\u00a0Excludem orice teorie a conspira\u021biei, pornim de la premisa c\u0103 nu vrea nimeni \u201es\u0103 ne v\u00e2nd\u0103 \u021bara\u201d, dar problema real\u0103 este \u0219i r\u0103m\u00e2ne alegerea metodei rapide (adic\u0103 acel ABB) care limiteaz\u0103 competi\u021bia de pre\u021b, pe active profitabile, f\u0103r\u0103 o dezbatere tehnic\u0103 public\u0103 despre alternative.<\/p>\n

      De ce aceast\u0103 metod\u0103 \u0219i nu cealalt\u0103, la acest pre\u021b, \u00een acest moment?\u00a0De ce? Nimeni nu ofer\u0103 explica\u021bii.<\/p>\n<\/div>\n

      [analyse_source url=”https:\/\/opiniabuzau.ro\/fara-isterie-si-manipulare-despre-listarea-companiilor-de-stat\/”]<\/p>\n","protected":false},"excerpt":{"rendered":"

      [analyse_image type=”featured” src=”https:\/\/opiniabuzau.ro\/wp-content\/uploads\/2026\/03\/oana-matache-editorial-e1774967459666.webp”] Oana MATACHE V\u0103 invit s\u0103 ave\u021bi r\u0103bdare s\u0103 parcurge\u021bi p\u00e2n\u0103 la cap\u0103t ceea ce am documentat \u00een r\u00e2ndurile ce urmeaz\u0103, este important. P\u00e2n\u0103 la urm\u0103, de aceea suntem reprezentan\u021bi ai poporului \u00een primul r\u00e2nd, \u0219i abia \u00een secundar ai partidelor, ca s\u0103 cercet\u0103m \u0219i s\u0103 prezent\u0103m corect \u0219i transparent ceea ce se […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[226,44],"class_list":["post-1900379","post","type-post","status-publish","format-standard","hentry","category-politics","tag-crawlmanager","tag-opiniabuzau-ro"],"_links":{"self":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/posts\/1900379","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1900379"}],"version-history":[{"count":0,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/posts\/1900379\/revisions"}],"wp:attachment":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1900379"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1900379"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1900379"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}