After 19 years of presence in the Spanish banking sector, Arab Banking Corporation (ABC) is selling its majority one billion euro stake in Spain's Banco Atlantico to focus on core Arab business, stated a company news release.
Bahrain-based ABC, Banco Bilbao Vizcaya Argentaria (BBVA) and Banco de Sabadell have entered into agreements whereby Banco de Sabadell commits to launch a public offer for all the outstanding ordinary shares of Banco Atlantico.
ABC and BBVA irrevocably commit to tender to all the Banco Atlantico shares they directly or indirectly hold, representing respectively 68.46 percent and 24.37 percent of the share capital of Banco Atlantico.Banco de Sabadell will offer €71.79 per share of Banco Atlántico in cash, valuing Banco Atlántico at €1,500 million.
The transaction, advised by Deutsche Bank London and Clifford Chance, is subject to the approvals of the Bank of Spain, the National Commission for the Securities Market, the Spanish competition authority and the Spanish Directorate for Insurance and Pension Funds. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
