Austrian group Erste, majority shareholder of BCR, the biggestbank in Romania, launched a tender offer for BCR shares onSeptember 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% ofthe BCR shares, amounts to 15 million euros and now puts the valueof the entire bank at 2.6 billion euros. At the time of itsprivatisation, BCR was valued at 6 billion euros.
This is the first tender offer that the Austrians are making toBCR's individual shareholders since the end of 2006, shortly afterthe bank's privatisation. Back then Erste offered BCR employees 6.5euros per share or the possibility of receiving shares of theAustrian group in return (one Erste share per 6 BCR shares). Thosewho did not sell at the time and waited for the listing of the BCRto sell their shares on the Stock Exchange lost 50%.
BCR employees bought the shares at a price of 1.05 RON (0.246euros) before privatisation, so at a price of 14.03 RON, they willmake an over 1200% profit.
BCR's floatation, initially scheduled for 2009, has been put offuntil 2011.
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