For 293.5 million euros, UniCredit acquires a 9% stake in Alfa Bank – conditions…

Last update: 08:58

By Vassos Angelito

For 293.5 million euros, UniCredit is buying the 9% stake owned by the state in Alpha Bank, following the improved offer (compared to the initial offer) that the Italian giant paid to the Financial Stability Fund (HFS), i.e. 1.39 euros per share.

The Fund recently announced that an agreement had been reached, confirming its report Capital.grTo deposit an enhanced offer from Unicredit at a premium of around 5% at the close on October 25.

Compared to the reference price on October 20, 2023, the transaction premium is 9.4%, while compared to the last closing price last Friday, November 10, the offered price is equivalent to a discount of 0.4%, as stated in the fund’s announcement. .

Negotiations between the two sides reached their peak over the weekend and reached an agreement in the early hours of Monday.

It is noteworthy that the offer submitted on October 23 by UniCredit Bank – within the framework of the strategic agreement announced jointly with Alfa Bank – stipulated a price of 1.33 euros per share, which then included a premium of 4.72% based on the closing of the deal. Share on October 20 (€1.27).

However, in the intervening 20 days, the share price has risen to 1.3950 (based on last close), meaning it is overvalued by 9.8% from its October 20 close and 5% from Unicredit’s original offer.

HFSF Declaration

The Financial Stability Fund (“TFS”) announces that it has agreed to sell its entire interest in Alpha Services and Partitions SA (“Alpha”), namely two hundred and eleven million one hundred and thirty-eight thousand two hundred and ninety-nine (211,138,299) registered ordinary shares (“Shares”). Each a “Share”), equivalent to 8.9781% of the paid-up share capital and voting rights of Alpha to UniCredit SpA (“UniCredit”), in accordance with the terms of the share purchase agreement entered into between HFSF and UniCredit on 12 November 2023 (the “Transaction “).

The Transaction took place following the completion of a tender process initiated by the HFSF Fund on October 30, 2023, following UniCredit’s binding offer to purchase the Shares (the “Offer”), which was received by the HFSF Fund on October 23, 2023.

UniCredit purchased all shares at EUR 1.39 per share, which corresponds to an incremental price (premium) of 9.4% with respect to the fixed closing price of the share on the Athens Stock Exchange on October 20, 2023, which was the last business day before the offer was received, and at a discount It is 0.4% on the closing price of the stock on the Athens Stock Exchange on November 10, 2023.

In the context of the transaction, Lazard Frères SAS acted as disposal advisor and Rothschild & Co acted as strategic divestment advisor. The law firm Skadden, Arps, Slate, Meagher & Flom (UK) LLP and the law firm Kyriakidis Georgopoulos acted as external legal advisors to the HFSF.