Electrica employees are in talks with banks operating on the Romanian market to contract loans with a view to acquiring up to 10% in Electrica Banat and Electrica Dobrogea, sources close to discussions told Ziarul Financiar. These sources also put the value of the total acquisition at about 21 million euros. Employees will buy stock at the same price as the Italian investor Enel, which acquired 51% in the two power distribution companies under a total transaction worth 210 million euros.

"At this moment, talks are being held with regard to the possibility of guaranteeing the loans that could be contracted from banks to buy Electrica stock. The value of the stock that can be bought by employees revolves around 21-22 million euros. Employees of Banat and Dobrogea, as well as of Electrica SA (a holding company i.e.), are likely to be the most interested in this process," the above-quoted sources stated.

The acquisition of a stake of up to 10% in the stock of Electrica Banat stands at about 13-14 million euros, while the value of a stake of 10% in Electrica Dobrogea could reach 6-8 million euros.

The sources added that the possibility of acquiring up to 10% in each of the other six branches of Electrica would be offered at the moment they were privatised.

Employees' representatives have already had financing discussions with commercial banks that own countrywide networks, such as Banca Comerciala Romana (The Romanian Commercial Bank-BCR) and Raiffeisen.

BCR and Raiffeisen officials could not be contacted for comment by the time of going to print.

In the past, employees of other companies that were privatised contracted loans for personal needs from BRD or BancPost and then used the respective sums to buy stock. This contracting of loans from banks can similarly be taken into account by Pe