BBVA Raises Bid for Turkey's Garanti
25 April 2022 - 8:21AM
Dow Jones News
By Joshua Kirby
Banco Bilbao Vizcaya Argentaria SA said Monday that it is
raising its voluntary takeover bid for the shares in Turkey's
Turkiye Garanti Bankasi SA it doesn't already own.
The Spanish bank said it is increasing the offer to 15 Turkish
lira ($1.02) a share, from TRY12.20 previously. This would take the
maximum amount payable to TRY31.6 billion, about $2.14 billion.
The last day of the acceptance period will now be May 18, it
said.
Assuming all Garanti shareholders accept the offer, BBVA expects
a hit of about 34 basis points to its common equity Tier 1 fully
loaded ratio, which measures its capital strength.
BBVA said in November it would buy out a remaining 50.15% stake
in the Turkish lender. The bid was valued at roughly $2.58 billion
at the time, more than the valuation in dollars of the new,
increased bid.
Write to Joshua Kirby at joshua.kirby@wsj.com;
@joshualeokirby
(END) Dow Jones Newswires
April 25, 2022 02:06 ET (06:06 GMT)
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