Marfin major shareholder Dubai Financial rejects Piraeus offer for Marfin |
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Published
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Fri, 19 Jan 2007 18:25
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ATHENS (AFX) - Dubai Financial, a major shareholder in dual listed Marfin Popular Bank, has said it has 'no interest in accepting the offer made by the Bank of Piraeus in relation to its holding for Marfin Popular Bank.'Dubai Financail added that it 'fully supports the management of Marfin Popular Bank, its strategic vision and its initiatives to create value.'Bank of Piraeus has recently made an all paper public offer for Marfin Popular Bank at a share exchange ratio that brokers describe as valuing Marfin at half its market value.Marfin Popular Bank had sought to launch a public bid for both Bank of Piraeus and Bank of Cyrpus to 'create value for all shareholders' and create one of the largest banks in both Greece and Cyprus.However, the Cypriot Capital Markets Commission ruled that Marfin's intended public bids were unlawful because they obstructed Piraeus' offer, even though it decided Marfin had not acted in bad faith.skrekas@euro2day.comcmr/lamCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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RPT Cypriot regulator rules Marfin's bids for Piraeus, Bank of Cyprus unlawful 