logo
Share SHARE
FONT-SIZE Plus   Neg

Reports: Santander, KBC To Sell WBK Stake For 245 Zloty Per Share

Spanish lender Banco Santander, S.A. (SAN,BNC.L) and Belgian multi-channel bank KBC Group NV (KBCSF.PK, KBCSY.PK) would sell 21.4 percent of Poland's Bank Zachodni WBK SA for 4.9 billion zloty ($1.5 billion), reports said. The lenders are expected to fix the sale at 245 zloty ($76.01) per share, near the bottom of the indicated range.

Santander Monday said it would sell up to 5.2 percent of its stake in WBK, as KBC places about 16.2 percent in market.

WBK is one of Poland's largest banks providing a full range of financial products and services for individuals, SMEs and corporate clients.

The banks will offer up to 20 million shares in WBK by way of a fully marketed follow-on offering, within an indicative price range of 240 zloty to 270 zloty, it was said then.

The final sale price was to be determined through a bookbuilding process that would begin on March 18 and end no later than on March 21.

Santander is expected to sell not less than 195,216, constituting 0.21 percent, but up to 4.85 million shares constituting up to 5.19 percent of BZ WBK current shares outstanding. KBC plans to sell 15.13 million shares, comprising 16.17 percent of BZ WBK current shares outstanding.

Santander fell 1.3 percent on Thursday in Madrid to close at 5.64 euros.

KBC rose 1.8 percent in Brussels at 29.02 euros.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Ford Motor Co. has announced a safety recall for about 680,000 vehicles, mainly in North America, to fix faulty seat belts that may not hold people in the event of a crash. The recall, primarily for mid-size sedans, includes about 650,000 Ford Fusion vehicles manufactured between 2013 and 2016 and Lincoln MKZ produced between 2013 and 2015. Apple Inc. has confirmed its interest in autonomous vehicle technology, saying it is excited about the potential of automated systems in many areas, including transportation. In a letter to the National Highway Traffic Safety Administration, Steve Kenner, Apple's director of product integrity, said that the tech giant looks forward to collaborating with the regulator and other stakeholders. Japanese electronics maker Panasonic Corp. is in talks to buy Austrian headlight manufacturer ZKW Group GmbH, Nikkei business daily reported Monday, citing a person familiar with the matter. As per the report, both companies could reach a basic agreement as early as this month for a deal that could be worth up to $1 billion.
comments powered by Disqus
Follow RTT