The financial bid submitted by the consortium comprising Austrian bank Raiffeisenbank and the Romanian-American Investment Fund (FRAI) for taking over Banca Agricola (the Agricultural Bank), which has been discussed since the end of last week, amounts to seven million dollars in cash for a 90% stake in the bank's stock and points to a share capital increase standing at 30 million dollars.
"The initial financial bid made by Raiffeisenbank and FRAI aims at purchasing 90 percent of the bank's shares, for which they are willing to pay seven million dollars, and at a subsequent share capital increase amounting to 30 million dollars.
It is possible for Raiffeisenbank to increase the price offered for the main stake in the bank, should the Financial Investment Companies (SIFs) be willing to renounce their preemption right within the share capital increase, in line with Emergency Ordinance 210/2000.
Otherwise, there are already some scenarios targeting the takeover of a smaller stake. The price decreases proportionally," sources close to the transaction told Ziarul Financiar.
According to the same sources, although the Senate last week abrogated in its turn paragraph 3 of article 2 of Emergency Ordinance 210/2000, concerning the Romanian bank's recapitalisation, it has been agreed for the share capital increase to take place after the sale-purchase contract is signed.
The above-mentioned paragraph mentioned the moment when the share capital increase will be effectively operated, by issuing T-bills worth 3,944 billion lei.
"Some time generally elapses between the effective signing of the bank's takeover contract and the moment the new owners take hold of the shares, so that the share capital increase pledged by the Executive will be made during this period.
The biggest problem now concerns the stand the SIFs will take," the above-mentioned sources also say. Four of the five Financial Investment Companies, namely SIF Muntenia, SIF Moldova, SIF Transilvania and SIF Banat-Crisana, now own approximately 25 percent in Banca Agricola, and their intentions are far from being clear.
Raiffeisenbank at the beginning of February announced its plans to acquire Banca Agricola and started making pressures for the bank's situation to be clarified.
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