Erste offers 15m euros for shares of BCR employees

Austrian group Erste, majority shareholder of BCR, the biggest bank in Romania, launched a tender offer for BCR shares on September 1st, addressed to the bank's individual shareholders, offering a price of 14.03 RON (3.28 euros/share).
The overall value of this operation, which targets around 0.57% of the BCR shares, amounts to 15 million euros and now puts the value of the entire bank at 2.6 billion euros. At the time of its privatisation, BCR was valued at 6 billion euros.
This is the first tender offer that the Austrians are making to BCR's individual shareholders since the end of 2006, shortly after the bank's privatisation. Back then Erste offered BCR employees 6.5 euros per share or the possibility of receiving shares of the Austrian group in return (one Erste share per 6 BCR shares). Those who did not sell at the time and waited for the listing of the BCR to sell their shares on the Stock Exchange lost 50%.
BCR employees bought the shares at a price of 1.05 RON (0.246 euros) before privatisation, so at a price of 14.03 RON, they will make an over 1200% profit.
BCR's floatation, initially scheduled for 2009, has been put off until 2011.