Greek regulator awaits Cyprus Exchange decision on Marfin/Piraeus bids

Greek regulator awaits Cyprus Exchange decision on Marfin/Piraeus bids - sources

	Published : Fri, 26 Jan 2007 07:01 By : Agencies Print this Story

ATHENS (AFX) - The Greek Capital Markets Commission will seek a clear decision from the Cypriot Stock Exchange on whether the bid by Marfin Popular Bank for Bank of Cyprus and Bank of Piraeus can run concurrently with Piraeus' bid for Marfin, sources close to the matter told Euro2day Newswire last night.

This follows a late meeting of the president, executives and the legal advisors of the Greek Commission following the recent developments in Cyprus, the sources added.

Yesterday evening, the Cypriot Supreme Court ruled that the Cyprus Capital Markets Commission did not have the legal competence to decide on matters of public offers and referred the competing public offers to the Cypriot Stock Exchange.

The Cypriot Capital Markets Commission had decided that Piraeus' public offer for Marfin Popular Bank had been submitted first, and that Marfin had to cease its public offers for Bank of Cyprus and Bank of Piraeus. It also fined Marfin 10,000 Cypriot pounds.

Since it had no jurisdiction to determine these matters, or impose a fine, the issues will have to be resolved by the Cypriot Stock Exchange, which has legal jurisdiction.

The Cypriot Stock Exchange had said earlier this month Piraeus' intention to bid could not stop another company from bidding, referring to Marfin.

The Greek Capital Markets Commission has said from the beginning of the concurrent bids that it was awaiting the determination of Cypriot regulators before it determined whether Marfin's bid for Piraeus was lawful.

Only a few days ago, the governor of the central bank of Cyprus said that he was first informed by Marfin of their intention to bid for Piraeus and Bank of Cyprus -- even though at that stage, the decision of the Cypriot Capital Markets Commission was still in place that Piraeus' bid for Marfin had come first and that Marfin's bid must cease so as not to obstruct it.

skrekas@euro2day.gr

jsa

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Greek regulator awaits Cyprus Exchange decision on Marfin/Piraeus bids - sources