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Deals worth 1 mln euros on local market in Q1

Romanian assets sold in 2008 reached a record level of some 1 million euros to date, in spite of the impact of the U.S. subprime crisis on local and international financial markets.

The depreciation of the national currency and a severe decline of Bucharest Stock Exchange (BVB) quotations, due to the subprime crisis, but also higher inflation and the unfavorable evolution of the current account deficit have failed so far to impact on financial results of local companies, according to declarations for Business Standard by investment bankers and players on the private equity market. 'We have managed to close deals worth some half a billion euros since the end of last year, at a time when the local market, and especially the international market, were hit by the subprime crisis,' said Raiffeisen Investment Romania's Managing Director, Ioana Filipescu. There is a decline in the rate and number of deals, Ioana Filipescu said. If we look at the merger & acquisition and private equity markets in 2007, the volume of deals in the first half was double that in the second half. Raiffeisen Investment Romania had a mandate to sell the Labormed pharmaceutical producer (123 million euros) and advised French group Groupama in its acquisition of local Asiban insurer (350 million euros). A representative of a private equity fund with operations on the local market indicated that Romanian assets sold so far have not been affected by the subprime crisis, 'or else the amounts collected would have been lower,' he said. Sursa: http://www.rompress.ro

Tags: local market deals euros bvb

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