BCR management was forced to amend the meeting agenda, since the SIF holds a 6% stake, and amendments to the agenda require a stake of at least 5%.
On the other hand, SIF Moldova (SIF2.RO) shareholders were called to meet on November 26, to discuss selling the BCR stake to Austrian group Erste.
In September, the fund’s shareholders tasked the managing board to negotiate alternatives for the liquidation of the BCR stake, if floating shares is impossible.
SIF Moldova is the only SIF that has yet to receive shareholder approval to sell the BCR shares to Erste.
Erste owns 69.4% in BCR. The bank announced recently it has reached an agreement in principle to buy another 24.12% stake in BCR from four of the five SIFs in exchange of EUR435 million in cash and stock.
Aside from SIF Oltenia (SIF5.RO), which holds 6.12% in BCR, the SIFs hold 6% each in Romania’s largest bank.