Though managers are denying that BT is up for sale, the rush in the recent period and especially the large share packages that BT managers have acquired (considering that they hold key information related to a possible takeover) lead us to believe whether BT could be sold in the near future.
“The higher-than-expected results posted by Banca Transilvania by the end of the first half of 2007 determined these buys. At present, I believe a takeover is unlikely, but I cannot dismiss this possibility,” Radu Popescu-Buzeu, Chief of the Analysis Department of KD Capital Management, told Business Standard.
BT officials say the process is not part of a BT reward program, in which managers receive shares for special performance. The decision to buy packages of hundreds of thousands of BT shares belongs only to the investors, who are showing confidence in their productivity. Robert Rekkers, CEO of BT, paid €20,000 for 75,000 shares last month. In the same period, Ionut Patrarhau, Deputy General Manager and Member of the BT Board of Directors acquired more than 88,000 BT shares, for which he paid €25,000. Andrei Dudoiu, Executive Manager, bought a package of 50,000 shares for €14,000 a week ago, while Claudiu Silaghi, Member of the Board, paid €90,000 for 300,000 BT shares.
Not reward process
BT officials say the process is not part of a BT reward program, in which managers receive shares for special performance.
