Italy: the publicly owned energy company ENEL will be going on the market in June with half of its TERNA distributor capital up for sale. The buy out is expected to begin on 21 June and should bring in around EUR 1.7 bn. ENEL controls all of TERNA's capital but will sell a billion shares, representing 50% of its capital, with a quarter being reserved for the public. TERNA will be merging with the national electricity company that manages the grid by October 2005. In July 2007 at the latest, ENEL will have reduced its stake in the company to less than 20%. - Romania: the Romanian government, faced with offers from the Hungarian company MOL, US company OCCIDENTAL PETROLEUM and Austrian oil company OMV to by up a third of PETROM's capital. A call for tenders was launched last July for an amount estimated to be worth USD 1 bn. PETOM currently controls 60% of the Romanian oil products market and obtained a turnover of USD 2.2 bn in 2002 and employs a workforce of 57,000.