Franklin Templeton Blasts Bucharest-Only Hidroelectrica IPO Plan

Franklin Templeton-managed Fondul Proprietatea SA criticized the Romanian government for pushing it to sell its minority stake in Hidroelectrica SA only on the Bucharest stock exchange.

Fondul hopes to convince the Romanian state, which owns 80% in Hidroelectrica, that an initial public offering could only be successful if it attracts more international investors through a dual listing in Romania as well as London. The value of the listing may exceed 2 billion euros ($2.2 billion).

“If we are restricted to the Bucharest bourse only, we would be limited to a smaller size,” Johan Meyer, who is the co-chief executive ...