Erste Group plans tender offer to raise Erste Bank Polska stake by up to 26%
Offer expected in November at about 713 zloty per share in cash; Erste Group seeks a stake above 50% but below 75%.
Erste Group Bank said on Friday it plans to launch a tender offer in November to lift its stake in Erste Bank Polska by up to 26%, deepening its exposure to the Polish market. The Austrian lender currently holds 49% of Erste Bank Polska after buying a controlling stake from Santander earlier this year as part of its expansion in Central and Eastern Europe. 6 zloty. 51 billion), while Erste Group is valued at about $54 billion based on its outstanding shares.
The lender aims to increase its holding to more than 50%, but not above 75%, to comply with minimum free float rules. Erste Group said it will finance the offer from internal resources and is targeting a post-offer Common capital ratio of 25. 25%. 2% at the end of the first half of the year.
Erste said its earnings are closely linked to Central and Eastern Europe, where it has major banking franchises in Austria, the Czech Republic, Slovakia, Romania, Hungary, Poland, Croatia and Serbia. 8344 zlotys.