Raiffeisen to Own 95.74% of Addiko After Offer Settlement

The expected holding is up from the 55.55% stake Raiffeisen reported in August, based on shares tendered during the initial offer period, which ran from May through July. The extended period brought in further acceptances.

Raiffeisen launched its bid for the smaller rival earlier this year. In May, it raised the offer to 26.50 euros a share, or 511.1 million euros in total, according to the offer document, after Slovenia’s Nova Ljubljanska Banka made a competing bid.

Settlement remains subject to approval from competition authorities in Albania and Bosnia and Herzegovina, Raiffeisen said. The bank added that approval processes with banking-supervisory authorities are progressing as planned.