BBVA closes buyout offer for Turkish subsidiary and reaches 86% stake

BBVA reached 86 percent share guarantee At the close of the voluntary takeover proposal that the Spanish banking group initiated the Turkish subsidiary, according to data registered with the Turkish supervisory authority.

The operation was carried out on 50.15% that BBVA does not yet have in Garanti –previously controlling 49.85%– and conditioned to exceed 50% stake, something he accomplished after raising the price per share of the bank’s takeover bid from 12.20 to $15.

At this price, the takeover bid will ultimately require a payment to BBVA. 22,757 million Turkish liras (1,350 million euros), Since joining the operation, approximately 3,220 shareholders controlling 1,570 million shares.

BBVA planned to pay the maximum 31,595 million Turkish lira (approximately EUR 1,965 million) in the event that all Garanti shareholders sell their shares to the business. Likewise, under this condition, he estimated a maximum effect on the CET1 ratio of -34 basis points. ‘totally full’.

This Board of Directors de BBVA agreed to initiate a voluntary takeover offer for the 50.15% stake in Garanti that it did not control on November 15, 2021, but the acceptance period did not begin until April 4th.

Initially, the acceptance period 20 working daysBy April 29, BBVA finally announced that it was extending its mandate by two weeks until May 18.

Source: Informacion


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