Raiffeisen crosses 55% threshold to secure control of Addiko Bank
Raiffeisen Bank International (RBI) has moved closer to taking control of Addiko Bank after securing acceptances above the minimum level set for its voluntary takeover offer. RBI launched the offer in April for all issued and outstanding shares in Addiko, a domestic rival focused on consumer lending in the Balkans. Shortly afterwards, Nova Ljubljanska banka (NLB) announced its own voluntary public cash offer for Addiko, aiming to gain control by buying all issued shares at €29 ($30) each on a cum dividend basis. Addiko was created from the restructuring of Hypo Alpe Adria, the Balkan lender that was rescued by the Austrian state in late 2009 and later split up. At the close of the acceptance period for RBI offer, declarations covering 10,831,435 Addiko shares had been filed with the payment and settlement agent. That represents 56.16% of the shares covered by the offer, taking RBI above the 55% minimum threshold, according to a published statement. Shareholders who have not yet accepted can still tender their shares into RBI's €26.50-a-share offer until 3 November. Bloomberg reported that the transaction values Addiko at €517m ($596m) and still requires regulatory clearance. Slovenian lender Nova Ljubljanska banka (NLB) launched a competing bid for Addiko, initially offering €29 per share before raising it to €37.00 to compete with RBI. That bid failed to meet the 50% plus one share threshold, receiving pledges from only 31.2% of investors. In a separate statement, NLB said it would not continue with its offer, although it still sees "many advantages and strategic benefits" in its proposal. After completing the Addiko acquisition, RBI intends to divest subsidiaries outside the European Union to Serbia-based Alta Pay Group, the news publication added. Any additional proceeds from that sale could raise shareholder distributions linked to RBI's offer. The Addiko move comes after RBI agreed recently to acquire Garanti BBVA's Romanian business for €591m. "Raiffeisen crosses 55% threshold to secure control of Addiko Bank" was originally created and published by Retail Banker International, a GlobalData owned brand.