Turkish stake in Halkbank exceeds 90% – Compulsory acquisition of shares to follow

The majority owner of former Cacanska Banka, Turkiye Halkbankasi A.S, has successfully completed its takeover bid, as it has managed to step over the threshold of 90% of the shares, which enables for it the compulsory acquisition of the shares of the remaining minority shareholders.

For the duration of the bid, there was a very strong demand for the bank’s shares, on the level of 3-4% more than the offered price, but the majority owner nevertheless managed to acquire 6,118 shares, that is, 3.36% of the total number, bringing its stake up to 90.12% following the completion of the bid.

Previously, the Turkish investor became the owner of 76.74% of the shares of the then Cacanska Banka, now Halkbank, in the summer of 2015, when they paid EUR 10.1 million for this control share package to the state and international financial institutions, Wisebroker reports.

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