The offer will unfold between September 6 and October 26 and it addresses BCR minority shareholders other than the regional investment fund SIF Oltenia (SIF5.RO), Erste said.
Erste is offering 0.92 lei (EUR0.205) a share, down from RON1.09 a share price offered in a similar operation earlier this year.
“The lower price per share is due to the uncertain economic environment and the weak performance in the local financial sector,” the Austrian bank said in a letter to BCR minority shareholders.
Erste currently owns 93.27% in BCR, while SIF Oltenia holds a 6.59% stake. The remaining 0.14% is distributed among various shareholders. (EUR1=RON4.4816)