BBVA Increases Bid To Acquire Garanti Bank

Spain-based BBVA, the largest shareholder of Garanti Bank, announced in the past months that it aspires to buy the entire bank. BBVA, which owns 49.85% of the company at that time, made a voluntary takeover offer within the scope of the purchase, and offered to the shareholders for each of its 2,106,300,000 shares. Offered 12.20 TL.

Following the news in question, Garanti Bank’s shares also rose to the level of the offered offer, and very important news was shared for investors who sold their shares today and plan to sell soon. Garanti BBVA, per share in its statement to the Public Disclosure Platform (KAP) The offer, which was 12.20 TL, was increased to 15 TL. explained.

The difference will be paid to those who sell their shares before the announcement.

BBVA, which has started to receive requests from investors who want to sell their shares since April 4, said that the difference of 2.8 TL between the new and old offer, It will also be paid to investors who decide to sell their shares before the new price is announced. explained. BBVA also extended the deadline for the voluntary takeover bid by two weeks. 18 May determined as.

With the making of the said offer, the total cost of the acquisition of Garanti Bank has also increased. In other words, at least in Turkish Lira… BBVA offered to investors who sold their shares (50.15%) in order to buy all the remaining shares of the bank. 31 billion 594 million 500 thousand TL payment will make. On the other hand, despite the increasing share value, the euro exchange rate, which has been on the rise since the offer date, has been on the rise since the first day BBVA announced the offer to the entire bank. much cheaper to buy will provide:

• November 15, 2021: 25 billion 697 million TL from 12.20 TL per share (2 billion 249 million euros)
• April 25, 2021: 31 billion 594 million 500 thousand TL from 15 TL per share (1 billion 994 million euros)