Groupama is selling the roughly 3% stake in OTP through an institutional private placement by way of an accelerated book building. The results of the private placement will be announced after the close of the book building.
After the private placement, Groupama will hold, directly or indirectly, about 14,140,000 OTP Bank shares, or 5% of share capital.
Groupama acquired its 8% stake in OTP Bank as part of a strategic partnership announced early in 2008.
“Groupama will remain a significant shareholder of OTP Bank and maintain its representation at the board of OTP Bank. In addition, Groupama will keep a strong business relationship with OTP Bank through their exclusive banking partnership which covers nine countries in Central and Eastern Europe,” Groupama said.
Groupama added that it has entered into a lock-up undertaking with the banks managing the placement relating to its remaining stake in OTP Bank for a minimum period of 180 days.
Producing journalism that is worthy of the name is a costly business. For over 30 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
