BCR bidders have eight days to study contract

The privatisation contract of Banca Comerciala Romana (BCR) stipulates the possibility for the bank”s shares to be listed on the Bucharest Stock Exchange, and a tender offer to be put out in view of the takeover of the minority stakes by the new principal shareholder, Finance Minister Sebastian Vladescu said.

Banca Comerciala Romana”s contract was handed out to the Erste Bank (Austria) and Millennium BCP (Portugal) yesterday, with the two banks set to submit their final bids for the takeover of BCR on December 20, Vladescu added.

The final draft of the privatisation contract for BCR was endorsed by the Government members on Sunday, during a meeting that lasted approximately 45 minutes.

According to the schedule, the two banks received the contract yesterday and have eight days to come up with their final bid. The bids of the two banks will be opened on December 20, so that the privatisation contract could be signed one day later, on December 21. The authorities will announce the bid submitted by the selected company as the winner of the sale process only.

“BCR”s privatisation has entered the finishing straight. We believe this contract formula combines everybody”s interests, namely of the strategic investor, of the Romanian state, of the international financial institutions and of the minority shareholders,” Vladescu said. He would not reveal the contents of the privatisation contract, merely saying that the document stipulated that BCR shares could be listed on the Bucharest Stock Exchange, or that a tender offer could be put out. According to the previous announcements made by the authorities, BCR”s privatisation contract will be publicly revealed right after the signing.

Erste Bank (Austria) and Millennium (Portugal) were selected for the final stage of the privatisation process and asked to begin final talks. BCR is the largest bank in Romania, with some 9bn euros in assets.