Financial Services Industry
Industry: Email Alert RSS FeedThis Month: News - BBVA Battles Bid For BNL.(Brief Article)
Banker, The, November, 2005
BBVA is launching a legal challenge to insurance firm Unipol's takeover bid for Italian bank BNL. Spain's BBVA, which has a 14.75% stake in BNL, withdrew its bid for BNL in July when Unipol's stake reached 51%. BBVA is reported to have said that it does not want to start a bidding war with Unipol, whose offer values BNL at E2.70 per share. The legal challenge is based on the accusation of pro-Italian discrimination against BBVA and other minority shareholders.
Macquarie Bank has approached several European stock exchanges, including Euronext, about a joint bid for the London Stock Exchange. The Australian bank had also been in talks with Computershare, which has ruled out its participation in the bid. Although Macquarie has the financial strength to acquire the...
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