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Raiffeisen takes over Polbank

Author: The Warsaw Voice Date: Wed, May 02 2012 10657 Views
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Austrian bank Raiffeisen has concluded the acquisition of a 70 per cent stake in Polbank EFG, the Polish unit of Greek Eurobank EFG, for 460 million euro, but the final price may be lowered by 30 million euro, Raiffeisen said in a press statement.

Eurobank EFG is left with a 30% stake in the merged entity but has said it will exercise its put option on the remaining holding, with the valuation based on business parameters but at no less than EUR 175 million plus interest, immediately after the transaction conclusion, making Raiffeisen the sole shareholder, the statement showed.

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