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Serbia’s Alta Pay drops bid to raise stake in Addiko Bank

Jul 10, 2024, 12:10:07 PMArticle by Valentina Bajic
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July 10 (SeeNews) - Serbian financial services company Alta Pay Group has abandoned its plan to raise its stake in Austria's Addiko Bank to more than 10%, the lender said.

Serbia’s Alta Pay drops bid to raise stake in Addiko Bank
Source: immocentar.rs

"The Austrian Financial Market Authority (FMA) has informed Addiko Bank AG today that Alta Pay Group d.o.o. has withdrawn their request to the regulator not to object to their acquisition of a qualifying holding of at least 10% in Addiko Bank AG," Addiko said in a statement on Monday.

Alta Pay, controlled by Serbian investor Davor Macura, currently holds a 9.63% stake in Addiko. In addition, Alta Pay also indirectly controls 26.83% of voting rights via options, according a formal holding announcement released by Addiko Bank in May.

With the latest development, Alta Pay has effectively dropped out of the race to buy Addiko, which has become one of the hottest takeover targets in southeastern Europe.

The remaining suitors include Slovenia's Nova Ljubljanska Banka (NLB) and Agri Europe Cyprus. NLB said in June it has launched a takeover offer to buy all issued and outstanding ordinary shares of Addiko for 20 euro ($21.6) apiece, valuing the company at about 390 million euro ($422 million). Agri Europe, which already owns nearly 10% of Addiko, seeks to buy another 17% for 16.24 euro per share, according to its updated voluntary offer published last month.

Addiko emerged from the eastern European business of failed Austrian lender Hypo Alpe Adria and was acquired by private equity firm Advent International and the European Bank for Reconstruction and Development (EBRD) in 2014. Advent International has since sold its stake in the bank.

Addiko is providing consumer loans in Bosnia and Herzegovina, Croatia, Montenegro, Serbia and Slovenia. It is also operating a retail bank in Austria.

As of June 27, the largest single shareholder of Addiko was Agri Europe with 9.99%, followed by Alta Pay with 9.63%, the European Bank for Reconstruction and Development with 8.40%, and Swiss-based DDM Holding with 7.10%, the lender says on its website.

($ = 0.925 euro)

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