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BRIEF-China's Geely group to buy majority stake in Denmark's Saxo Bank
October 2, 2017 / 7:24 AM / in 2 months

BRIEF-China's Geely group to buy majority stake in Denmark's Saxo Bank

Oct 2 (Reuters) - DENMARK‘S SAXO BANK SAYS

* ITS SHAREHOLDERS HAVE RECEIVED AN OFFER FROM SAMPO GROUP TO TAKE UP A STAKE OF 19.9 PERCENT OF THE BANK.

* IN MAY, ZHEJIANG GEELY HOLDING GROUP CO MADE AN OFFER TO BUY 30 PERCENT OF THE SHARES OF SAXO, NOW IT HAS OFFERED TO BUY MORE SHARES AND WILL THUS BECOME MAJORITY SHAREHOLDER WITH A TOTAL OF 51.5 PERCENT

* TPG CAPITAL AND SINARMAS ACCEPTED THE OFFER FROM GEELY AND SAMPO GROUP AND WILL SELL 100 PERCENT OF THEIR SHARES OF 29.26 PERCENT AND 9.9 PERCENT RESPECTIVELY

* CO-FOUNDER AND CEO KIM FOURNAIS’ STAKE OF 25.71 PERCENT REMAINS UNCHANGED.

* THE TRANSACTIONS ARE PENDING REGULATORY APPROVALS AND ARE EXPECTED TO BE FINALISED DURING THE NEXT SIX MONTHS. (Copenhagen newsroom)

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