Banco de Sabadell offers 340 pence in cash for each share of TSB, 29% higher than the closing price of the title on March 11 and 4% higher than the closing price on Thursday.
LONDON Spanish bank Sabadell buy the British bank TSB by 1,700 million pounds (2,350 million euros, 2,500 million), and and will enter fully into the market of commercial banking in the UK.
In a statement from both companies, they explained that Banco de Sabadell offers 340 pence in cash for each share of TSB, 29% more than the closing price of the title on March 11, the eve of information on this project be shared, and 4% higher than the closing price on Thursday.
The offer values TSB at 1,700 million pounds , they said the two groups in a statement posted on the website of the London Stock Exchange.
“We see the UK as an attractive market with a strong regulatory framework, solid fundamentals and good prospects for growth” President of Banco de Sabadell, Josep Oliu Creus said.
Half TSB belongs to the British group Lloyds Banking Group, which has agreed to sell its stake. Lloyds sell nearly 10% stake in TSB to Sabadell until March 24, and the remaining 40% later.
This operation will get 850 million pounds, and fulfill its commitment to TSB give agencies, adopted at the European Commission in exchange for their rescue by the British government during the financial crisis that began in late 2008.
Sabadell and Lloyds bought its banking business in Spain, in 2013, including 28 offices and more than 50,000 customers.
The board of TSB has decided to recommend to its other shareholders accept the offer of Banco de Sabadell, which considers “just and reasonable”.
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