Binckbank buys Rabobank's Alex for 390 mln eur partly funded by rights issue |
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Published
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Wed, 31 Oct 2007 08:03
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AMSTERDAM (Thomson Financial) - Binckbank NV said it will acquire Rabobank's investment banking unit Alex Beleggersbank for 390 mln eur in cash, funding the acquisition via a 385 mln eur rights issue and cash reserves.Binckbank said the combined activities are expected to lead to pre-tax synergies of about 18-20 mln eur per year from 2010.It said the tax benefit from the amortisation of fiscal goodwill for an envisaged period of 10 years will result in an expected annual tax saving of approximately 10 mln eur.The acquisition is expected to be accretive on an adjusted earnings per share basis from 2008.Binck and Alex will continue to exist as separate brands.Binckbank's three largest shareholders and founding management board members -- together holding 38.7 pct of Binckbank's share capital -- have irrevocably committed themselves to vote in favour of the acquisition.aaron.gray-block@thomson.comagb/salCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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BinckBank says in exclusive talks with Rabobank over acquisition of unit Alex 