Addiko management supports Raiffeisen Bank International offer, Alta Group to take over Serbian operations?

German and Austrian media have reported that Raiffeisen Bank International AG (RBI) is one step closer to taking over Addiko Bank AG, as Addiko Management recommended to shareholders the acceptance of the offer from the Austrian banking group RBI, assessing it as more likely to be successfully implemented than the competing offer from the Slovenian NLB Bank.

Although RBI’s offer is financially lower and amounts to EUR 26.50 per share (NLB’s offer is EUR 29/share), Addiko Management states that the implementation of the deal with Raiffeisen is significantly more certain, among other things due to the willingness of major shareholders to cooperate. Alta Group stands out in particular, which, according to Addiko Bank, intends to offer its shares in the takeover process.

According to RBI’s plan, the possible takeover would be followed by the division of Addiko Bank’s operations: Addiko Bank’s operations in Bosnia and Herzegovina, Serbia and Montenegro would be taken over by Alta Group, while RBI would integrate its operations in Croatia and Slovenia into its existing network. Such an outcome would further strengthen RBI’s position in the region, while NLB would once again be left without the possibility of returning to the Croatian market.

Both offers, RBI’s and NLB’s, are open until July 22, but the market is increasingly signaling that RBI currently has the most realistic prospects for taking over the Addiko Bank Group.

Alta Group

Raiffeisen Bank International AG

Addiko Bank AG

NLB

takeover of Addiko Bank