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Dalnevostochny Bank majority owner launches squeeze-out

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Dalnevostochny Bank majority owner launches squeeze-out

Russiancompany Region Asset Management, which is the new owner of , launched atender offer for the remaining shares of the lender.

Regionacquired a 70.63% stake in the bank earlier in 2016 Russian Regional Development Bank, controlled byOAO Rosneft Oil Co.It recently increased the holding to 80% by acquiring a 9.6% stake from sistercompany Region Portfolio Investments, Vedomostireported May 5.

Theother shareholders of Dalnevostochny include companies Antares andRegionfinansresurs, which each have a 9.57% stake. Other minority shareholdersjointly own 0.6% of its shares, according to the bank's website.

RegionAsset Management is offering 441.53 Russian rubles per common and preferenceshare.

As of May 5, US$1 wasequivalent to 65.73 Russian rubles.