Stiri	Stiri afaceri	Stiri companii	Evenimente de afaceri

SIFs - The offer for the BCR stakes will be revealed in several days

According to local media, Erste Group will reveal its offer for the minority stakes in BCR owned by the SIFs to prevent a listing of the Romanian bank.

Probably the offer will consist of both cash and Erste Group shares and it will amount to around EUR 600 mn or EUR 120 mn for each SIF. BCR is valued at around EUR 2.05 bn, implying a 2010 P/BV of 1.23x or a 2011e P/BV of 1.15x and resulting to a price per share of around RON 11.01 (based on the old number of shares). This implies a premium of 10% above the price we currently use to value the BCR stakes in SIFs' NAV. We view this piece of news as neutral for SIFs shares, although the rumored multiples are containing only a slight premium to BRD. We consider that any resolution of the BCR stakes will lead investors to pay a lower discount to NAVs.

Sursa: http://www.rciro.ro

Tags: bcr offer stakes brd sif

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