The Romanian state is set to announce today whether it acceptsto have the biggest offering in the history of the Bucharest StockExchange brokered by the consortium led by Renaissance Capital,half-owned by a Russian billionaire with an empire in goldproduction.
The consortium that includes the Russian bank, which was formedat the last moment, is a total surprise for the market. Renaissanceis a top-three investment bank in Russia, being held and run by aNew Zealander. Mikhail Prokhorov, the second-richest man in Russia,with a fortune estimated at 13.4 billion dollars, holds 50% inRenaissance, Prokhorov owns the biggest gold producer in Russia andAmerican basketball team New Jersey Nets.
Second in the ranking was the consortium made up of UniCreditand Goldman Sachs - USA (68.5 points), third were Alpha Bank andJapan's Nomura (67.7 points), on fourth place were Raiffeisen andMorgan Stanley (66.2) - considered to be the favourites of the race- and last came ING with UBS - Switzerland (59.73), according tothe quoted sources.
As far as the financial offer was concerned, the Renaissanceconsortium is said to have offered 0.325% of the amount that thestate will collect. If the state collects at least 500 millioneuros, as it hopes to, the commission would be 1.62 million euros.UniCredit/Goldman is said to have offered 0.74% and Raiffeisen andMorgan Stanley 0.892%. Nomura and Alpha Bank are said to have askedfor 0.7%, while UBS and ING for 1.1%.
The technical value of the offers accounted for 50%, and thefinancial offer for the remaining 50%, based on which the finalscore was decided.
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