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Eurobank Ergasias SA Signs Binding Agreements For Acquisition Of New Post Bank And New Proton Bank

Monday, 15 Jul 2013 12:59pm EDT 

Eurobank Ergasias SA announced that it signed two binding agreements with the Hellenic Financial Stability Fund (HFS) to acquire 100% of the shares and voting rights of New TT Hellenic Postbank SA (HPB) and New Proton Bank SA (Proton). Following the acquisition of HPB and Proton, the new Group will have 20,115 employees and 1,261 branches located across seven countries. In exchange for 100% of the shares and voting rights of HPB, Eurobank agreed to pay a total consideration of EUR 681 million in the form of newly issued Eurobank ordinary shares, subject to approval by an Extraordinary General Meeting (EGM) of Eurobank ordinary shareholders. The final number of shares to be received by the HFSF will be determined based on the volume weighted average price of the Eurobank share on the Athens Exchange over the 10 working day period prior to the EGM, and at a minimum of 1,418,750,000 shares. According to the transaction terms defined by HFSF, Eurobank will pay a EUR 1.00 cash consideration in exchange for 100% of the shares and voting rights of Proton. Prior to completion of the transaction, the HFSF will cover the capital needs of Proton by contributing EUR 395 million in cash. The completion of the above mentioned transactions is subject to approvals by the competent regulatory and supervisory authorities. Barclays Bank PLC, acting through its investment bank, and Deutsche Bank AG, London Branch, acted as financial advisors to Eurobank on both transactions. 

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