France’s largest bank will offer DAB Bank shareholders 4.78 euros ($6.4) in cash for each of their non-par value bearer shares, the Paris-based company said today in a regulatory filing. The bank will publish final terms of the offer on its website once German financial markets regulator Bafin grants permission, according to the filing.
BNP Paribas is expanding in neighboring Germany, as its main European markets -- France, Italy and Belgium -- struggle to bounce back from recession. In April, the company agreed to buy 66 percent of ConSors Discount Broker AG, a competitor of DAB Bank, for 287 million euros, adding it to the French bank’s Cortal brokerage unit to form Europe’s biggest online broker.
UniCredit announced the sale of its 81 percent stake in Munich-based DAB Bank for 4.78 euros a share, or a total of 354 million euros, to BNP Paribas last week. The sale is part of the Italian bank’s plan to strengthen its finances.
The transaction is subject to approval by regulators, according to the company.
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