Romexterra to control Romaxa

Banca de Credit si Dezvoltare (Credit and Development Bank) – Romexterra will buy more than 30% in Targu Mures-based Romaxa and this way increase its interest in the brokerage company to over 50%. “The deal is about to be completed and will be done by purchasing a stake from Petrom’s Employee Association, instead of a capital increase as it is customary. We are now negotiating the price, but we may probably be talking about Romexterra controlling Romaxa by the beginning of this fall,” the bank’s chairman Vasile Ifrim told Ziarul Financiar. Romaxa is a rather small securities firm, having concluded only 30bn ROL in transactions in the first half. ZF