Erste Bank, the majority shareholder of the Romanian Commercial Bank (BCR), took over another 7.2% stake in the Romanian group that have so far belonged to BCR employees. Erste Bank’s stake thus rises to 69.11%, an Erste press release says.
Of a total of 64,497,500 shares held by BCR employees (8% of the total), 57,313,356 shares (7.2% of the total) were sold or changed as Erste’s offer to take over the package was accepted.
About a third of the transacted shares were sold for 6.5 euro per share, totaling some 130 million euro. The other two thirds were replaced with Erste Bank shares at an exchange rate of six to one. Thus, Erste will issue 6,287,236 new shares with a capital increase accounting for 2% of the share capital of the bank.
Some 12,197 of the 13,000 BCR employees agreed to the Erste offer in November.
The BCR privatization was the most important such process in Central and Eastern Europe. Erste Bank paid 3,75 billion euro for 61.88% of BCR last year. The Austrian bank effectively took control of BCR in autumn 2006.
HotNews.ro, Dec 12, 2006
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