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Erste Makes Buyout Offer for 0.14% BCR Stake, Mediafax Reports

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Sept. 6 (Bloomberg) -- Erste Group Bank AG, eastern Europe’s second-biggest lender, made a buyout offer for a minority stake in its Romanian unit as its seeks to gain full control of the bank, Mediafax reported.

The Vienna-based lender, which increased its holding in the Banca Comerciala Romana SA to 93.27 percent this year, wants to pay about 22 million lei ($6 million) for a 0.14 percent stake in the bank through an offer valid until Oct. 26, Mediafax said today, citing a letter sent to minority shareholders. Erste is paying 0.92 lei for each BCR share, as the offer excludes an investment fund, SIF Oltenia SA, which has a 6.59 percent stake in BCR.

Erste bought the minority stakes of four investment funds in BCR as part of a separate offer launched last year.

To contact the reporter on this story: Andra Timu in Bucharest at atimu@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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