Hungary's MKB bank on Monday reached the threshold of 50% plus one share in Romexterra as a result of its bid for the takeover of the Romanian bank, sources close to the process told ZF.
"So far, the stake MKB has accumulated has reached the minimum level targeted in the tender offer, of 50% plus one share in Romexterra. Of these, the interests of legal entities (companies and trade union organisations) hold a significant weight, concentrating a stake of 22% in the bank's shares," said the quoted sources.
The representatives of MKB, a bank owned by Germany's Bayerische LB, are going to make an official announcement over the following period on the success they had with their tender offer for Romexterra. MKB and Romexterra officials did not make any comments by the time the story was ready for print.
Hungary's MKB in July launched a bid for the takeover of Romexterra stock at a price of 6 RON per share, a little more than double the face value, an offering valid until September 23. For the majority stake, the Hungarians will pay 40 million euros. Romexterra is a small bank, holding 1% of the banking market, and has over 100,000 shareholders, companies and individuals. The bank reported gross income standing at 5 million euros for the first five months.
The offer is handled by Demera Investments registered in Cyprus, which has an escrow account available to deposit the money for the acquisition of stock. Romexterra shares are collected through IEBA Trust brokerage, which is now in a difficult financial situation and which the National Securities Commission has barred from carrying out some operations on the capital market, following the decrease of its supervisory capital.
Entities that have decided to sell stock to Hungary's MKB bank include Petrom, with a 2% stake, Delta Asigurari or Petrom Federation of Free Independent Trade Unions, each with a stake of around 10%.
At the same time, one company of the group Petrom trade unions led by Liviu Luca control, Petromservice, convened a General Meeting of Shareholders for September 15 to discuss the approval of the sale of the 0.7% interest in Romexterra to MKB.
The two gas distributors E.ON Gaz Romania (former Distrigaz Nord) and Distrigaz Sud are also to convene their respective General Meetings of Shareholders to decide on the sale of the stock. The quoted sources also said Romgaz Medias and Transgaz Medias decided not to sell their interests in Romexterra.
At the same time, PPF Group, a Dutch financial group controlled by Czech investors, has voiced its interest in buying stock at a minimum price of 8 RON per share in a letter sent to Romexterra representatives, an offer conditioned on a rapid bank audit.
Romexterra acquisition will have to be sanctioned by the National Bank of Romania eventually.
Romexterra Bank
A small bank, holding 1% of the banking market
Has over 100,000 shareholders, companies and individuals
In the first 5 months reported 5m-euros gross income
Hungary's MKB in July made a bid for the takeover of its stock at a price of 6 RON, a little more than double the face value
PPF Group, a Dutch financial group controlled by Czech investors, has also voiced its interest in buying Romexterra stock at a minimum price of 8 RON per share
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