Czech investment fund PPF Investments is in advanced negotiations with Hungarian bank MKB for the sale of the minority stake it holds in Romanian bank MKB Romexterra Bank, according to sources on the market. At present, the German group Bayern LB controls MKB. Last year, PPF and MKB fought out a hard battle to raise as many shares as possible in two rivalling offers conducted consecutively. PPF offered 8 RON for a Romexterra share, while Demera Investments, a company registered in Cyprus, which took over the bank for MKB, offered 6 RON. Around 10,000 employees in the petroleum and gas industry, which held 77% of the bank, controlled Romexterra. The eventual winner was MKB, which took the majority stake, even though it had offered a smaller price. "We have no comment to make. We will not reveal our intentions, but as soon as we have closed the transaction, we will make it public," PPF representatives told ZF. At the end of last year, the former head of PPF had denied that they intended to sell any shares.
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