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Watchdog clears buyout offer for Takarék Mortgage Bank

Banking

The National Bank of Hungary (MNB) has approved a mandatory public purchase offer by MTB Magyar Takarékszövetkezeti Bank, the "central bank" for Hungary's integrated savings cooperatives, for the outstanding shares of listed lender Takarék Mortgage Bank, a disclosure posted on the website of the Budapest Stock Exchange shows, according to Hungarian news agency MTI.

MTB is offering HUF 599.5 per share in the offer which runs from January 19 until February 17.

Takarék Mortgage Bank shares closed at HUF 590 on Friday. The share's 180-day average price is HUF 548.

MTB holds 76.98p% of Takarék Mortgage Bank's shares, the latest data on the bourse's website shows. The state owns a 7.32% stake, 5.77% of the shares are in the Takarék Closed Investment Fund, and 9.93% is in free-float.

The buyout offer is related to MTB's merger with MKB Bank and Budapest Bank in Magyar Bankholding which is set to become Hungary's second-biggest commercial lender.

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