Spain’s BBVA offers to buy 50.15% in Garanti for up to 2.25 billion euros

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FILE PHOTO: A view of the headquarters of Spanish bank BBVA on November 17, 2020 in Madrid, Spain. Businesshala / Juan Medina
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MADRID (Businesshala) – Spain’s BBVA said on Monday it has decided to launch a tender offer for a 50.15% stake in its Turkish lender Guaranty BBVA for up to 2.25 billion euros ($2.58 billion).

The Spanish bank said the offering price of 12.20 Turkish lira ($1.22) per share represents a 15% premium over Friday’s market price, or a 34% premium over the volume-weighted average price of the past six months.

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BBVA, like its rival Santander, is struggling to make money from more mature markets in Europe and is expanding into emerging markets where it has more growth opportunities.

Despite the current volatility in the Turkish market, BBVA has always defended its long-term commitment to Turkey, which it considers a strategic market.

($ 1 = 10.0153 lira)

($1 = 9,9937 days)

Reporting by Jess Aguado; Inti Landauro. editing by

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