(Finance) – The Hellenic Financial Stability Fund (HFSF), the state-controlled Greek bank bailout fund, has initiated a process to sell its 9% stake in Alpha Bank. This follows the binding offer from UniCredit for the acquisition of its entire stake in Alpha, corresponding to 8.9781% of the share capital, at a price per share of 1.33 euros.
Following the evaluation of UniCredit’s offer by the HFSF board, the HFSF board has determined that UniCredit’s offer “is a bona fide offer” in accordance with the HFSF’s disinvestment strategy. The HFSF “welcomes” this offer, announced in conjunction with a broader strategic agreement between Alpha and UniCredit.
In line with the law establishing the HFSF and as part of the disinvestment strategy of the HFSF, the board has initiated a competitive sales process.
Bids can be submitted by 5.30pm (Greek time) on November 10th 2023 y Lazard, who was appointed as consultant for the sale. It is expected that the results of the competitive process will be announced no later than two hours before the opening of trading on November 13, 2023.
(Photo: Dim Hou on Unsplash)