Dubai Bank Said to Weigh Paying Sberbank Less for Turkish Lender - Bloomberg:
Emirates NBD PJSC is considering whether to renegotiate its offer for Sberbank PJSC’s wholly-owned Turkish unit after the lira lost almost 30 percent of its value since the deal was signed, according to people familiar with the negotiations.
Dubai’s biggest lender wants to complete its acquisition of Denizbank AS but is concerned that the price set in May is too high following the slump in the lira, the people said, asking not to be identified because the talks are private. Emirates NBD struck a deal to buy Denizbank for 14.6 billion liras, which was worth more than $3 billion on May 22.
A renegotiation is one option being considered, but nothing has been decided, the people said. Representatives for Sberbank and Denizbank declined to comment. Emirates NBD is “closely monitoring” events, a spokesman said, declining to provide further details.
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