The bank loses a major shareholder – at least in part.
(Photo: Reuters)
Munich The largest Bawag shareholder, GoldenTree, is selling a package of shares in the Austrian bank for almost 290 million euros and wants to reduce its stake by more than half. The US hedge fund offered institutional investors 5.5 million Bawag shares, the investment bank commissioned with the placement announced on Wednesday evening. The price for the paper is likely to be 52.50 euros, the bankers informed the investors. At this price, the shares are often oversubscribed. That would be a discount of around three percent on Wednesday’s closing price.
GoldenTree still holds 11.1 percent of the bank. The package available for sale corresponds to just under 6.2 percent. The US fund and the financial investor Cerberus brought Bawag onto the stock exchange in 2017. Since then, GoldenTree has sold shares overnight several times – most recently in September 2021 for 417 million euros. Cerberus has already significantly reduced its shares and is no longer one of the largest Bawag shareholders.
More: Austria’s bank Bawag records profit jump – risk costs shrink
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