Erste Bank and Millennium BCP have until Tuesday, December 20, to submit their improved financial bids for the stake of almost 62% in Banca Comerciala Romana. The winner will be known on Wednesday. The deadline was announced yesterday by the head of the privatisation committee, Finance Minister Sebastian Vladescu, as the final version of the contract is to be presented to the two competitors still in the race. The bids have to be submitted in a closed envelope and will be opened on the same day. The winner, decided by the offered price, will be announced on Wednesday, December 21. Unlike the first stage of the privatisation, this time the price matters 100%. Premier Calin Popescu Tariceanu yesterday stated that the text of the contract was to be endorsed by the Government by a law draft to be forwarded to Parliament. The contract would be publicly revealed immediately after the signing, he added. Market sources say that the bid of one of the two finalists in the previous stage had reached three billion euros, with the technical bids of both investors being better than those of other bidders deemed as favourites. BCR is the largest bank in Romania, and its assets now stand at nearly 9bn euros. Erste Bank (Austria) and Millennium BCP (Portugal) were selected for the final stage of the privatisation of BCR and invited to begin final talks for the takeover.
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