The third postponement of the deadline for the completion of BCR's privatisation transaction has hurt both Erste Bank's shares and the prices of the futures contracts tied to the shares of the SIFs (Financial Investment Companies), BCR's minority shareholders.
Erste shares witnessed a fluctuation of approximately 1.1% on the Vienna Stock Exchange, from a 46.66 euros/share low, to 47.20 euros/share high. A sharper decline happened at 14.00 (CET) in Vienna, when the first rumours about the new delay surfaced. Quotes later rebounded, and then fell again, towards the day's low.
At the same time, prices of futures contracts, with SIF shares as underlying assets, due in September on the Sibiu Exchange posted significant declines yesterday, with brokers even talking about "panic" sales.
"Given the announcement about the deadline for completion of BCR's privatisation being pushed back, people started selling on the futures market out of panic, with prices of contracts due in September decreasing 0.07-0.08 RON compared with the opening quotes, and eventually dropping below those on the spot market," said Adrian Ceuca, deputy chief executive of Broker Cluj.
The deadline for completing BCR's privatisation got its third extension yesterday: the new date both for the authorities and the buyer, Erste Bank, is pencilled in for October 20, two months before the first anniversary of the signing of the contract.
"The extension of this deadline was decided at the suggestion of the Privatisation Committee of Banca Comerciala Romana and had been previously agreed upon by all parties involved the bank's privatisation," stated Oana Marinescu, Government's spokesperson.
As agreed with Erste Bank, by the time the deal is finalised, a normative act that has the same force as a law has to be enacted and published in the Official Gazette, which should include
