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| Pecina to acquire 20% of FHB |
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VCP Finanz Holding Kft. managed by Austrian businessman Heinrich Pecina announced an option deal for 9.5% of FHB in the next fives days. VCP already holds a 9.85% stake (6.5 million shares) in FHB purchased in March 2007 at a price slightly below HUF 12 bn.
HSBC, a leading transaction manager in the privatization of FHB generating a HUF 67 bn receipt for the national budget back in August, is now selling its 6.27 million FHB shares purchased since the privatization to VCP. (The deal is conditional because its completion requires the approval of Hungarian Financial Supervisory Authority PSZÁF.)
Four months ago, FHB shares were sold at HUF 2,025, but now they are traded at a lower price. The new deal, however, is likely to have a price above the current market level of HUF 1,700.
This way, VCP acquires a 19.35% stake in FHB altogether with a total investment of less than EUR 100 million which is much lower than the HUF 150 million it received for its TVK shares from Mol back in March. Controlling 13% BorsodChem, VCP continues to have a powerful position in Hungary’s chemical industry. This new deal gives VCP strong presence also in the Hungarian banking sector.
VCP is Hungary’s only banking market investor not affiliated to a financial institution or an insurance company. At FHB, a stake below 20% is not enough to gain control over the bank (and preferred shares secure Allianz an absolute control over FHB anyway). Given the track record of Pecina, however, a second announcement about FHB is likely to follow soon.
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Source: Napi Gazdaság, 20071218 |
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© VCP AG 2010
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