Piraeus Bank acquires majority stake of Marfin Investment Group

Piraeus Bank on Friday increased its stake in Marfin Investment Group (MIG) to 52.8 percent, exceeding the 50-percent threshold.

The development comes after Piraeus Bank purchased more than 32.607 million MIG shares, representing 3.4707 percent of all voting rights for the latter, at a price of 0.1668 euros per shares.

In an announcement, Piraeus Financial Holdings, ATHEX-listed Piraeus Bank’s parent company, noted that: “… further to the 09.02.2023 (Feb. 9, 2023) publication of the mandatory tender offer of its subsidiary Piraeus Bank S.A. to Marfin Investment Group Holdings S.A. shareholders for the acquisition of the total number of common registered voting shares they hold, that the Proposer acquired on 09 February 2023 through the Stock Exchange, 74,427,556 shares of the Company, corresponding to 7.922% of its voting rights, at the price of €0.1668 per share. Following the acquisition, the Proposer holds 463,635,927 ownership rights, corresponding to 49.3487% of the total voting rights of the Company.”