“Even if we request the listing of BCR, there is a 1% chance this will happen. We are still considering our options, awaiting the results of meetings in the other SIFs. If listing is not requested by October 12 (the deadline for BCR listing postponement), we will make a choice,” Szel told MEDIAFAX.
Under the agreement concluded between the SIFs and Austrian Erste, SIF Muntenia stands to collect EUR26 million for its 6% stake in Romanian lender BCR. In addition, the SIF would receive shares worth EUR82 million in Erste.
Erste recently said it has reached an agreement in principle with investment funds SIF Banat-Crisana (SIF1.RO), SIF Transilvania (SIF3.RO), SIF Muntenia and SIF Oltenia (SIF5.RO), but not SIF Moldova (SIF2.RO), to acquire 24.12% or 2.6 billion shares in BCR for EUR435 million in cash and stock via a series of transactions.
The deal, subject to SIF corporate approval proceedings, sets BCR’s value at EUR1.8 billion.