Raiffeisen crosses 55% threshold to secure control of Addiko Bank

Raiffeisen Bank International (RBI) has moved person to taking power of Addiko Bank aft securing acceptances supra the minimum level acceptable for its voluntary takeover offer.

RBI launched the connection successful April for each issued and outstanding shares successful Addiko, a home rival focused connected user lending successful the Balkans.

Shortly afterwards, Nova Ljubljanska banka (NLB) announced its ain voluntary nationalist currency connection for Addiko, aiming to summation power by buying each issued shares astatine €29 ($30) each connected a cum dividend basis.

Addiko was created from the restructuring of Hypo Alpe Adria, the Balkan lender that was rescued by the Austrian authorities successful precocious 2009 and aboriginal divided up.

At the adjacent of the acceptance play for RBI offer, declarations covering 10,831,435 Addiko shares had been filed with the outgo and colony agent.

That represents 56.16% of the shares covered by the offer, taking RBI supra the 55% minimum threshold, according to a published statement.

Shareholders who person not yet accepted tin inactive tender their shares into RBI's €26.50-a-share connection until 3 November.

Bloomberg reported that the transaction values Addiko astatine €517m ($596m) and inactive requires regulatory clearance.

Slovenian lender Nova Ljubljanska banka (NLB) launched a competing bid for Addiko, initially offering €29 per stock earlier raising it to €37.00 to vie with RBI. That bid failed to conscionable the 50% positive 1 stock threshold, receiving pledges from lone 31.2% of investors.

In a abstracted statement, NLB said it would not proceed with its offer, though it inactive sees "many advantages and strategical benefits" successful its proposal.

After completing the Addiko acquisition, RBI intends to divest subsidiaries extracurricular the European Union to Serbia-based Alta Pay Group, the quality work added.

Any further proceeds from that merchantability could rise shareholder distributions linked to RBI's offer.

The Addiko determination comes aft RBI agreed precocious to get Garanti BBVA's Romanian concern for €591m.

"Raiffeisen crosses 55% threshold to unafraid power of Addiko Bank" was primitively created and published by Retail Banker International, a GlobalData owned brand.