Greece fails to sell Ionian Bank; markets fall

Article Abstract:

Ionian Bank of Greece has seen its sale be shelved after a lone bid from a reliable banking group fell well below the market value of the bank. Commercial Bank of Greece was prompted to annul the tender for the sale of its 51% interest in Ionian, a highly vaunted privatization project of the government. An analyst said the failure is a major setback for the government, but the sale may be possible in the future if the government lowers its expectations. Greek Finance Minister Yannos Papantoniou expressed confidence that a new tender slated to be launched within three months will be a success.

Comment:

Sees its sale be shelved after a lone bid from a reliable banking group fell well below the market value of the bank

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Greece insists on sale of stake in Ionian Bank

Article Abstract:

Ionian Bank, Greece's fourth-largest bank, will be privatized despite an ongoing strike by its employees, said the Greek government. The government through state-owned Commercial Bank of Greece owns about 60% of Ionian Bank, worth about 200 billion drachmas ($648.8 million), according to market analysts. The privatization will sell 51% of the government's stake in the bank. Analysts, however, are concerned that the strike could delay the privatization and lessen the interest of foreign investors.

Comment:

Will be privatized despite an ongoing strike by its employees, says the Greek government

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Eurobank weighs improving offer for Ergobank

Article Abstract:

EFG Eurobank is considering increasing its offer to acquire Ergobank. EFG is attempting to outbid Piraeus Bank for Ergobank. Eurobank's current offer stands at 2.2 of its shares in addition to 4,000 drachmas (12.30 euros) in cash for every share in Ergobank. Piraeus's offer stands at 3.75 of its shares in addition to 15,000 drachmas for every share in Ergobank. Piraeus said that its offer entailed a 50.1% in Ergobank.

Comment:

EFG Eurobank considering increasing offer to acquire Ergobank

Acquisitions & mergers, Banking industry, Mergers, acquisitions and divestments, Abstract, EFG Eurobank Ergasias S.A., Ergobank S.A.

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