MNB officially announces acquisition of Budapest bourse

History

The National Bank of Hungary (MNB) today officially announced its acquisition of majority stakes in Hungary’s Budapest Stock exchange, adding that on November 20 it signed a contract to purchase a combined 68.8% of BSE shares from CEESEG, a unit of the Vienna Stock Exchange and from Osterreichische Kontrollbank.

Yesterday, MNB confirmed to Hungarian news agency MTI earlier reports by Hungarian media, however, it did not comment on the purchase price, which Hungarian online daily napi.hu speculated at HUF 13.2 billion.

The price was based on the evaluation of an internationally respected advisor, and reflects the nearly 47% stake the Budapest Stock Exchange holds in the Hungarian central clearing house and depository Keler as well, MTI reported today citing MNBʼs recent announcement.

Ownership data updated on October 31 show that CEESEG, a unit of the Vienna Stock Exchange, holds 50.46% of the BSEʼs shares, while the Osterreichische Kontrollbank owns 18.35%, MTI reported.

The central bank said it intended to cooperate with the existing big shareholders while plans to make a buyout offer to small shareholders, MTI said.

Legally, MNB is required to make a public purchase offer anyway at least at the price paid in the deal because it surpassed the 75% threshold, MTI added.

BSE shareholders with stakes varying between 4.2% and 5.2% are MOL, OTP, the Hungarian branches of ING Bank and KBC, the securities company Concorde and the company Urban, MTI said.

MNB Deputy Governor Ferenc Gerhard said on September 11 that MNB was in talks with CEESEG, majority owner of the Budapest Stock Exchange (BSE), to acquire ownership of the exchange. On October 21, MNB vice president László Windisch confirmed the plans.

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