SIF Banat-Crisana Sells BCR Stock To Erste Bank

11.04.2011 By Florentina Dragu

Romanian regional investment fund SIF Banat-Crisana (SIF1.RO) Friday approved selling its 6% stake in bank Banca Comerciala Romana (BCR) to Austrian Erste Group Bank AG (EBS.RO), people familiar with the matter told Mediafax.

SIF Banat-Crisana confirmed the information in a statement issued later Friday.

Erste, majority owner of BCR, said in September it has reached an agreement in principle 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 Moldova has not entered the agreement in principle, but it has called for a shareholder meeting November 26 to vote on Erste's proposal, officials of the Austrian lender said recently.

The four SIFs that agreed to sell their holdings in BCR have negotiated a higher price for their shares compared with the one offered by Erste in the September agreement. Initially, Erste offered RON0.1 a share, but the price was subsequently raised to RON0.5 a share.

SIF Banat-Crisana stands to receive EUR28.4 million in cash and around 1% of Erste's stock.


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