CBQ to acquire 70.8% stake in Turkish bank
- Qatar: Tuesday, March 19 - 2013 at 07:33
Commercial Bank of Qatar (CBQ) has agreed to acquire a 70.8% stake in Turkish lender Alternatifbank, Reuters has reported. The deal is valued at $460m based on Alternatif's book value of $328m at the end of December. The final price will be based on two times the Turkish lender's book value as at June 30, 2013, CBQ said. Alternatifbank, which has a market value of $594m, is 96%-owned by Istanbul-based Anadolu Holding. Anadolu will retain a 25% stake in the bank, while CBQ will make an offer for the remaining publicly listed 4.2% stake.
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