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BRIEF-Veneto Banca seals deal with Attestor over BIM stake sale
October 25, 2017 / 5:24 AM / a month ago

BRIEF-Veneto Banca seals deal with Attestor over BIM stake sale

Oct 25 (Reuters) - Veneto Banca says:

* signed an agreement with Trinity Investments Designated Activity Company, an investment company managed by Attestor Capital, over sale of its stake in BIM

* to sell stake in BIM at a price of 0.22411 euros per share or total of around 24 million euros

* to first sell a 68.8 percent stake in BIM, at a later stage its remaining 2.606 percent holding

* agreement includes a potential earn-out price based on results to end-2021; the price for only the controlling stake in BIM cannot exceed a maximum of 71.8 million euros

* Attestor’s Trinity will have to launch a mandatory bid on remaining BIM shares at the same price of 0.22411 euros per share

* Trinity’s plan for BIM includes selling the company’s bad debt with a total gross book value of around 633 million euros; boosting BIM’s capital by 121 million euros next year Further company coverage: (Reporting by Milan newsroom)

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