On May 5th, 2006, the shareholders of the Sibiu Monetary Financial and Commodities Exchange (BMFMS) voted in favor of the merger with the Bucharest Stock Exchange (BSE), after 73% of the BSE shareholders voted in favor to the merger on an EGM held on April 27, 2006, according to HVB Bank Romania.
At a meeting held on May 12, 2006, Adriana Tanasoiu, BSE director, confirmed to the representatives of HVB Bank Romania that the merger will be finalized by the end of the year, with the newly created company having its headquarters in Bucharest, and a branch located in Sibiu.
The next step of the merger will be putting together the merger project, based on the evaluation reports of the two exchanges. The project will have to be approved by the shareholders of the two companies, says Roxana Stoean, relationship manager at HVB Bank Romania. The audit company, PricewaterhouseCoopers (PwC) evaluated the BMFMS at EUR 1,05 mio last year, while the BSE was evaluated at EUR 16 mio. The merger is expected to bring a higher degree of liquidity.