BBVA has reached an 86% stake in Garanti at the close of the voluntary takeover bid that the Spanish banking group had launched for its Turkish subsidiary, according to data registered with the
The operation was carried out on the 50.15% that BBVA did not yet own in Garanti – previously it controlled 49.85% – and was conditional on exceeding the 50% stake, something the bank achieved after raising the price per share of the takeover bid from 12.20 to 15 Turkish liras.
At this price, the takeover bid would finally cost BBVA 22.757 billion Turkish liras (1.35 billion euros), as around 3,220 shareholders controlling around 1.517 billion shares have joined the operation.
BBVA expected to pay up to a maximum of 31,595 million Turkish Liras (approximately
Initially, the acceptance period was extended for 20 working days, until