Erste Group takes 6 percent stake in BCR from SIF Moldova

Erste Group Bank AG (Erste Group) has entered into a binding transaction agreement with SIF Moldova to acquire its 6 percent stake in BCR.

SIF Moldova will receive: Erste Group shares for up to 515,104,582 BCR shares at an exchange ratio of 1:127.9583; cash for up to 103,021,043 BCR shares at a price of RON 1.0385 per share; cash for up to 33,256,302 2011 profit shares at a price of RON 0.5 per share.

The total cash portion amounts to EUR 28.4 million. The financial terms of the transaction are unchanged from the preliminary agreement with the four other SIFs, which was announced earlier in September, except for the price of the profit shares, which, in the final negotiations, has been increased from RON 0.1 per share to RON 0.5 per share.