Twitter LinkedIn
    Saturday, February 4
    Login
    0 Shopping Cart
    Twitter LinkedIn
    Private Equity InsiderPrivate Equity Insider
    • About Us
    • Digital Events
    • Our Network
      • Reach
      • Sponsors
      • Members
    Private Equity InsiderPrivate Equity Insider
    Home»Deals & Transactions»Goldman Sachs raises MONETA stake to 10.45% amid offer from PPF
    Deals & Transactions

    Goldman Sachs raises MONETA stake to 10.45% amid offer from PPF

    January 30, 20212 Mins Read
    LinkedIn Facebook Twitter Email WhatsApp
    Share
    LinkedIn Facebook Twitter Email WhatsApp

    Goldman Sachs has increased its holding in Czech MONETA Money Bank to 10.45% from 3.22% amid a takeover offer by a Czech investment group, a regulatory filing with the Czech central bank showed.

    The increase comes after PPF Group PPF, owned by Czech billionaire Petr Kellner, offered to buy out as much as 29% of MONETA shares at 80 crowns per share, valuing the bank at 40.9 billion crowns ($1.90 billion), and subsequently offered to merge the bank with some of PPF’s Czech banking activities.

    The increase makes Goldman MONETA’s biggest shareholder, according to available filings – the second biggest was Chase Manhattan with just less than 10% at the end of the last year in the bank with 100% free float. The shareholdings may include stock held by custodians on behalf of other investors.

    MONETA’s management is due to release its opinion later on Friday on the offer, which was priced 19% above market at the time but below a number of analysts’ target prices without factoring in control premium.

    It is the second attempt by Kellner, who is the country’s richest businessman, to get into the bank, after a similar bid failed two years ago after haggling over asset valuations.

    Following the share purchase offer, PPF plans to sell its smaller Czech lenders Air Bank and Benxy and Czech and Slovak Home Credit units to MONETA in an exchange for shares from a capital increase. That would be subject to shareholder approval.

    In total, with both the share offer and swap, PPF could gain control of up to 57.2% of MONETA.

    Some shareholders have already balked at the new offer although analysts say PPF’s two-step approach may win out.

    “We view the new PPF approach as another disturbing attempt to mix the well-managed Moneta operation with a convoluted bag of heterogeneous assets in the form of Air Bank, Home Credit Czechia, Home Credit Slovakia and Benxy,” shareholder Petrus Advisers said in a letter to the supervisory board seen by Reuters.

    Moneta shares jumped to as high as 79 crowns after the PPF offer from 67.10, before dipping to 72.6 at 0926 GMT on Friday.

    Source: Reuters

    Image Source

    Related

    Can't stop reading? This and all news articles are property of their creators, many are not owned or provided by Private Equity Insider. As an event organizer and community platform, we curate content from reliable sources for your suggested reading, and advise you to read the full articles from the referenced authors and sources.

    deals deals and transactions Private Equity
    Share. LinkedIn Facebook Twitter Email WhatsApp

    Related Posts

    University of California invests $4 bn in redemption-stricken REIT

    January 3, 2023

    Euroclear moves into $9.8 trillion private asset market with Goji buy

    December 21, 2022

    Warburg Pincus acquires K2 Insurance Services from Lee Equity Partners

    December 6, 2022

    CAI raises over $1B for inaugural fund and co-investment programme

    November 18, 2022

    Comments are closed.

    Other Articles

    Blackstone to buy Emerson’s $14B Climate Tech unit

    October 31, 2022

    Apollo funds acquire Tony’s Fresh Market

    April 21, 2022

    PE groups raise more than $20bn from loan investors to fund dividends

    April 5, 2021

    Africa’s top renewable firm may raise $4 Billion after takeover

    July 27, 2022

    Private Equity Insider LLC
    1212 Avenue of the Americas
    New York City 10036
    USA

    [email protected]

    Twitter LinkedIn
    © 2023 Private Equity Insider LLC. All rights reserved.
    • About
    • Terms of Use
    • Cookie Policy
    • Privacy Policy
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.

    View Cart Checkout Continue Shopping

    Sign In or Register

    Welcome Back!

    Login to your account below.


    Lost password?