VTB offer to Vozrozhdenie Bank minority shareholders valid to Jan
MOSCOW. Sept 26 (Interfax) - VTB's buyout offer to the minority shareholders of Vozrozhdenie Bank will be valid until January 2019, the Russian state bank said.
VTB's supervisory board approved the purchase of a controlling stake in Vozrozhdenie from Bonum Capital on Tuesday. VTB received the relevant regulatory approves from the Central Bank of Russia and Federal Antimonopoly Service earlier.
VTB will initially acquire at least 85% of shares in Vozrozhdenie. Then the state bank will make a buyout offer to Vozrozhdenie's minority shareholders, who will be able to sell their shares until January 2019, VTB said.
"The next stage is to define steps on the two banks' integration, which is expected to be completed in 2020. The Vozrozhdenie development strategy will strengthen the bank's positions in the Moscow Region retail and corporate segments. Vozrozhdenie's team, which has substantial experience in the Moscow Region and other regions of presence, will be retained," VTB said.
Under the offer, VTB could buy up to 14.99% of common shares in Vozrozhdenie. VTB's board also approved the buyout of up to 9.6% of Vozrozhdenie preferred shares.
VTB said this will be a cash deal, but it did not disclose the conditions or the price.
VTB deputy CEO Anatoly Pechatnikov said earlier that the mandatory offer to buy out shares from Vozrozhdenie minority shareholders will be made at the end of the fourth quarter of 2018. If minority shareholders do not take the offer, Vozrozhdenie shares will be delisted from the Moscow Exchange , he said.