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.
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