Chinese rejected even with a good offer for Hypo bank

Austrian authorities did not take into consideration a good offer of the Chinese China Energy Reserve & Chemicals Group in the process of sale of network of banks in the Balkans of Hypo Alpe Adria bank, Vienna magazine, Standard, claims.

Even with excellent terms, the offer was unnoticed since the Chinese stepped into the process too late, after May 9, the magazine reports. In September, Chinese offered EUR 350 m, which is EUR 40 m more than the next best bidder, the daily reports.

Standard, also, claims that Bulgarian-Russian consortium, gathered around Via Group, asked for far lower guarantees than the future buyer – the American fund, Advent and the European Bank for Reconstruction and Development (EBRD).

According to Vienna’s daily, Advent provided itself a number of advantages such as the fact that it will bring only EUR 50 m of its own capital and the remaining EUR 150 m are deadline-bound. The last line of EUR 2,2 billion, based on refunding, should be delivered no sooner than in 2020. Apart from that, the Americans can return up to EUR 600 m of unpayable loans.

Bulgarian-Russian consortium which offered more favorable guarantees was not taken into consideration, as Vienna outlines, since the offer was not delivered on time formally. As it was announced, the consortium will lodge a complaint to EU.