Commercial Bank of Qatar (Q.S.C.) Commercial Bank completes acquisition - WSJ.com

Commercial Bank of Qatar (Q.S.C.) Commercial Bank completes acquisition - WSJ.com:

"Commercial Bank of Qatar ("Commercial Bank"), a leading Qatari based international banking group, today announced the completion of its acquisition of a 70.84% shareholding in Alternatifbank A.S. ("ABank") in Turkey from Anadolu Endustri Holding A.S. ("Anadolu"). The completion follows regulatory approval from the regulators in Qatar and Turkey. Commercial Bank announced its intention to acquire a majority stake in ABank in March 2013. As part of the transaction, Commercial Bank will launch a mandatory tender offer to acquire the 4.16% of ABank's shares that remain in the public domain. Details of the tender offer will be announced in due course.

The transaction is based on two times book value at 30 June 2013, and expands Commercial Bank's international footprint to four regional markets. Anadolu will retain a 25% stake in ABank, in addition to board representation."

'via Blog this'