Stiri	Stiri afaceri	Stiri companii	Evenimente de afaceri

Erste Group and four of the SIFs reached an agreement to them out of BCR

Erste Group has reached an agreement with SIF Banat Crisana (SIF1), SIF Transilvania (SIF3), SIF Muntenia (SIF4) and SIF Oltenia (SIF5) to buy them out of BCR. SIF Moldova (SIF 2) is not part of this transaction but it will be offered the same conditions if it changes its mind.

The transaction comprising, mainly a swap of BCR shares into Erste Group (EBS) but also a small cash component, is valuing BCR at EUR 1.78 bn, based on Erste Group yesterday closing price of EUR 19.9 per share. This implies a 2011e P/BV for BCR of 1.05x. SIFs will give up their rights to ask for BCR listing and special dividends. Given that the transaction multiple is lower than the one rumored over the past days and even below BRD-GSG's 2011e P/BV, we view this piece of news at best neutral for SIFs shares. We consider this piece of news as neutral and not negative based on the fact that SIFs will swap an unlisted asset with a listed one which should lead to lower discounts to NAVs.

Sursa: http://www.rciro.ro

Tags: sif bcr erste group brd

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