Qatar National Bank SAQ (QNBK)’s talks to acquire Denizbank AS (DENIZ), the Turkish lender put up for sale by Dexia SA (DEXB), are stalled over price and may collapse, people with knowledge of the process said.
Dexia, which is being broken up after the European debt crisis reduced its ability to obtain funding, has reached out to other potential buyers, one of the people said, declining to be identified because the discussions are private.
The Franco-Belgian lender is seeking about 1.5 times Denizbank’s book value of $2.1 billion, while Doha-based QNB is prepared to pay between 1 and 1.2 times, the people said. While the two sides may still reach an agreement, Dexia could also decide to end the process and begin a new search for a buyer at a later date, they said.
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