BBVA has reached an 86% stake in Garanti at the close of the voluntary takeover bid that the Spanish banking group had launched on its Turkish subsidiary, according to data registered with the Turkish stock market supervisor.
The operation has been carried out on the 50.15% that BBVA did not yet own in Garanti -previously it controlled 49.85%- and was conditional on exceeding the 50% stake, something that the bank achieved after raising the price per share of the takeover bid from 12.20 to 15 Turkish liras.
With that price, the takeover bid would ultimately entail a disbursement for BBVA of 22,757 million Turkish liras (1,350 million euros), since around 3,220 shareholders who controlled around 1,517 million shares have joined the operation.
BBVA planned to disburse up to a maximum of 31,595 million Turkish liras (approximately 1,965 million euros), in the event that all Garanti shareholders had sold their shares to the entity. Likewise, under this condition, it estimated a maximum impact of -34 basis points on the ‘fully loaded’ CET1 ratio.
BBVA’s board of directors agreed on November 15, 2021 to launch a voluntary takeover bid for the 50.15% that it did not control in Garanti, although the acceptance period did not begin until April 4.
Initially, the acceptance period lasted for 20 business days, until April 29, although BBVA finally announced an extension of the term by two weeks, until today, May 18.
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