According to Austrian daily derStandard, Romanian Senators postponed by one week the report on the draft law on the finalisation of Bank BCR sale to Erste Bank. Several Senators disagreed with the way in which the privatisation was conducted.
Our view: Last week the cabinet decided to extend the deadline for the approval of the sale of BCR to Erste Bank by 3 months, because the Competition Council has not issued an opinion on the operation yet. The new deadline was set at September 21. Whilst the new deadline has been already known to the market we do not expect the news to have any impact on the stock price. We reiterate our Buy rating wit a fair value of EUR 48.6.