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Privredna banka launches buyout bid for outstanding shares of Bosnian unit

Privredna banka Zagreb d.d. launched a buyout bid for the remaining 5.1% stake in Bosnia-based Intesa Sanpaolo Banka d.d. Bosna i Hercegovina.

The Croatian bank offered to pay 380 Bosnian convertible marka apiece for the Bosnian unit's 22,618 ordinary shares and 60 preferred shares. The par value of both types of shares is 100 marka.

The buyout offer is valid for 28 days from the announcement date. The Croatian bank already owns 94.9% of the Bosnian unit.

Intesa Sanpaolo SpA is the ultimate parent of both banks.

As of May 31, US$1 was equivalent to 1.74 Bosnian convertible marka.