CBQ closes acquisition of majority in Alternatifbank.
18 July 2013 a[euro]" Commercial Bank of Qatar (CBQ) said today it had finalised the acquisition of a 70.84% interest in Turkish lender Alternatifbank AS (IST:ALNTF), or ABank, from Anadolu Endustri Holding AS.
Earlier this month, CBQ announced it had received the green light from Turkeya[euro](tm)s Banking Regulation and Supervision Agency and the Capital Markets Board.
When unveiling the deal in March, CBQ said that the transaction consideration would be equal to about two times ABanka[euro](tm)s book value as of 30 June 2013. At the end of December, the figure amounted to TRY585m (USD304m/EUR233m).
Now that the purchase was completed, CBQ will commence a mandatory tender bid for the 4.16% stake that remains in the public domain it said. Anadolu will retain the other 25%.Country: TurkeySector: Banking/Financial ServicesTarget: Alternatifbank AS (ABank)Buyer: Commercial Bank of Qatar (CBQ)Vendor: Anadolu Endustri Holding ASType: Corporate acquisitionStatus: Closed, Bidding
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|Publication:||M & A Navigator|
|Date:||Jul 18, 2013|
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