CEC ended up with only three bids submitted for the 69.9% in its shares yesterday, as the Greeks at EFG Eurobank dropped out the race just before the finishing line, after having announced plans to invest directly by expanding the Bancpost network last week. The banks left in the race are Raiffeisen, OTP and the National Bank of Greece. The first two are vying for the top spot in terms of presence in the Central and Eastern Europe, while the Greeks are trying to consolidate their position in SE Europe. Premier Calin Popescu Tariceanu yesterday reiterated the idea of a difference in the value of CEC and BCR, to the disadvantage of CEC. "We must all admit that there are big differences between BCR and CEC, and it is not because I say so but because financial analyses say it. CEC means a great deal to Romanians in terms of image, but it remains to be seen if this will be as important for the foreign investors that do not rely on image but on concrete results," Tariceanu said. In CEC's case, the price matters about 75%, with the rest of the points allocated to the financial strength of the investor and its experience in similar acquisitions and restructuring processes. The first two bids will qualify for the final stage, but there could actually be three competitors if the investor in third place gets a score that is 10% or less below the highest bid.
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