Romania SIF Muntenia Gets 0.38% In Erste For Another Batch of BCR Shares

SIF Muntenia last year sold most of its 6% stake in BCR to Erste for 0.67% of the Austrian bank’s stock and 70.1 million lei (EUR) in cash.

Erste, majority owner of BCR, announced in September 2011 it has reached an agreement with four of the five minority holders SIFs to acquire 24.12% in BCR for EUR435 million in cash and stock via a series of transactions.

SIF Transilvania (SIF3.RO) and SIF Moldova (SIF2.RO) are the only funds that sold their entire holdings in BCR. They each received RON123.6 million in cash and around 1% in Erste stock in exchange for stakes of 6% in BCR.