The listing of BCR, the biggest bank in Romania, has inflamed the five SIFs (financial investment companies), which hold 30.12% of the shares, on the one side, and majority shareholder Erste Bank, with 69.4% of the capital, on the other. Originally scheduled for October 2009, the listing was put off until October 2011.
The SIFs say the listing would bring them the opportunity to sell their historical 6% stakes each in the BCR given to them back in 1993, which are no longer a major source of dividends, while the majority shareholder believes a listing in the current situation of the Bucharest Stock Exchange would not reflect the fair value of the BCR. However, Erste committed to float the bank back in 2005, then paying 3.75 billion euros for a 61.88% stake (7.65 euros/share).
"We are trying to put pressure to see BCR listed, by threatening to sell our stakes. It is clear we can only sell together. If one of us defects, we lose this possibility of blocking Erste's decisions with a 25% stake," said Petre Szel, chairman of SAI Muntenia Invest, manager of SIF Muntenia (SIF4).
The listing of BCR, the biggest bank in Romania, has inflamed the five SIFs (financial investment companies), which hold 30.12% of the shares, on the one side, and majority shareholder Erste Bank, with 69.4% of the capital, on the other. Originally scheduled for October 2009, the listing was put off until October 2011.
The SIFs say the listing would bring them the opportunity to sell their historical 6% stakes each in the BCR given to them back in 1993, which are no longer a major source of dividends, while the majority shareholder believes a listing in the current situation of the Bucharest Stock Exchange would not reflect the fair value of the BCR. However, Erste committed to float the bank back in 2005, then paying 3.75 billion euros for a 61.88% stake (7.65 euros/sha
