Thus, the SIF gave up its 515.1 million BCR shares in exchange for 4.02 million Erste shares, which were evaluated at EUR51.5 million on the Bucharest bourse at closing Friday, according to an Erste news release.
Thus, the overall number of Erste shares rose to 386.74 million, from 382.71 million. The new shares beget dividend for 2011.
On the other hand, for the remaining 1.25% stake in BCR, 136.27 million shares, the SIF collected RON123.5 million.
In September, the Romanian fund agreed to sell its 6% stake in BCR to Erste.
Following the transaction, Erste’s stake in BCR increased to 82%. (EUR1=RON4.3409)