The listing of BCR, the biggest bank in Romania, has inflamed
the five SIFs (financial investment companies), which hold 30.12%
of the shares, on the one side, and majority shareholder Erste
Bank, with 69.4% of the capital, on the other. Originally scheduled
for October 2009, the listing was put off until October 2011.
The SIFs say the listing would bring them the opportunity to sell
their historical 6% stakes each in the BCR given to them back in
1993, which are no longer a major source of dividends, while the
majority shareholder believes a listing in the current situation of
the Bucharest Stock Exchange would not reflect the fair value of
the BCR. However, Erste committed to float the bank back in 2005,
then paying 3.75 billion euros for a 61.88% stake (7.65
euros/share).
“We are trying to put pressure to see BCR listed, by threatening to
sell our stakes. It is clear we can only sell together. If one of
us defects, we lose this possibility of blocking Erste’s decisions
with a 25% stake,” said Petre Szel, chairman of SAI Muntenia
Invest, manager of SIF Muntenia (SIF4).
ZF English
SIFs put pressure on Erste: Either you list BCR or we sell
The listing of BCR, the biggest bank in Romania, has inflamed the five SIFs (financial investment companies), which hold 30.12% of the shares, on the one side, and majority shareholder Erste Bank, with 69.4% of the capital, on the other. Originally scheduled for October 2009, the listing was put off until October 2011.
