SIF Muntenia last year sold most of its 6% stake in BCR to Erste for 0.67% of the Austrian bank’s stock and RON70.1 million in cash. In February this year, the investment fund announced it has transferred another 190.23 million shares of its stake in BCR in exchange for 0.38% in Erste.
Erste, majority owner of BCR, announced in September 2011 it has reached an agreement with four of the five minority holders SIFs to acquire 24.12% in BCR for EUR435 million in cash and stock via a series of transactions.
SIF Transilvania (SIF3.RO) and SIF Moldova (SIF2.RO) were the first two funds to sell their entire holdings in BCR. They each received RON123.6 million in cash and around 1% in Erste stock in exchange for stakes of 6% in BCR.
Earlier Wednesday, SIF Banat-Crisana announced it too sold its remaining shares in BCR to Erste for RON72.8 million.
Following the transactions, Erste will increase its stake in BCR to 93.04%. The last of the five SIFs, namely SIF Oltenia, owns around 6.59% in BCR.