Read the Latest International Press Articles on Turkey A)? GHT="50">
Compact version
Today's Suggestion
Read The "Macedonian Question" (by Maria Nystazopoulou-Pelekidou)
HomeAbout HR-NetNewsWeb SitesDocumentsOnline HelpUsage InformationContact us
Friday, 18 September 2020
  Latest News (All)
     From Greece
     From Cyprus
     From Europe
     From Balkans
     From Turkey
     From USA
  World Press
  News Archives
Web Sites
  Interesting Nodes
  Special Topics
  Treaties, Conventions
  U.S. Agencies
  Cyprus Problem
  Personal NewsPaper
  Greek Fonts

Athens News Agency: News in English, 11-02-18

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <>


  • [01] National Bank proposes merger with Alpha Bank
  • [02] Top gov't comÔt considers investment deal for Helliniko site
  • [03] Samaras at Elefsis Shipyards ´╗┐

  • [01] National Bank proposes merger with Alpha Bank

    National Bank of Greece (NBG) on Friday placed an offer to buy Alpha Bank through a merger deal, following an approval given by a joint meeting of the strategy commission, the bank's board executive members and the representative of the Greek state.

    In a letter to the Capital Markets Commission, National Bank said it has signed an agreement of confidentiality with Alpha Bank in February 3, 2011, to hold exclusive negotiations and to avoid taking alternative measures. National Bank stressed it was confident over the financial and strategic benefits of its offer and expects that Alpha Bank's board will examine the offer very seriously.

    Under the offer, Alpha Bank's shareholders will receive eight new shares of National Bank for each 11 shares in Alpha Bank, for an exchange ratio of 0.727 shares of National Bank for each one of Alpha. This offer includes a premium of 23.4 pct over the closing price of Alpha Bank's shares on January 17. Under the offer, National Bank's shareholders' relative participation in the new group will total 71 pct, while Alpha Bank's 29 pct, with the Greek state and other pension fund participations totaling 0.9 pct and 12 pct, respectively.

    The proposed merger will become a very significant step towards consolidation and strengthening of the banking system, taking in view the challenges of the current conjucture. The merger plan will lead to the creation of the largest and strongest bank in Greece, with a strong liquidity base and a leader in Southeastern Europe. It will also offer significant added value to both banks' shareholders and multiple benefits to Greek enterprises and households and to the Greek economy, in general.

    Finalization of the transaction will depend on the successful completion of a series of preconditions, such as due diligence report, final approval by both banks' board and the signing of a merger framework.

    "The proposed merger will create the largest bank in Greece, which we believe will be in a position to play a crucial role in an effort for the reconstruction of the Greek economy. I am confident of the benefits of the proposed merger," Vasilis Rapanos, National Bank's chairman said in a statement, while Apostolos Tamvakakis, chief executive of the bank stressed: "We think very highly of Alpha Bank and its executives for its achievements over the last decades under the leadership of Mr. Kostopoulos. We expect the response of Alpha Bank's board and a positive answer to our friendly offer. The merger will create significant value for both banks' shareholders and to offer multiple benefits for the Greek economy." Tamvakakis added that the offer was the first step towards reshaping the banking sector in Greece.

    Meanwhile, the board of the Athens Stock Exchange on Friday suspended trade in NBG and Alpha Bank shares after rumours of the proposed merger started to circulate in the market. Before trade was suspended, Alpha shares had posted gains of 6.32 percent and NBG shares had gained 2.14 percent.

    More details on the subscriber's page of ANA-MPA | Subscription request form


    [02] Top gov't comÔt considers investment deal for Helliniko site

    (ANA-MPA) -- Exploiting a valuable tract of land in coastal southern Athens, the Helliniko site, topped the agenda of a high-ranking inter-ministerial committee on Friday, with a "fast track" process on the table ahead of pending negotiations with Qatar investors.

    The meeting was chaired by Minister of State Haris Pamboukis, who heads the efforts to lure "strategic investors" to the recession-plagued country.

    The Helliniko site includes the previous Athens airport (with two separate terminals), an older military airstrip, other facilities, while border on a coastal sports facility and the greater Athens areaÔs only golf course. A handful of Olympic venues for less popular sports, now mostly disused, were also built on the site.

    Several ministers attended the meeting, including Finance Minister George Papaconstantinou. The entire site is greater than 500 hectares, roughly twice the size of New York CityÔs Central Park. (ANA-MPA)

    More details on the subscriber's page of ANA-MPA | Subscription request form


    [03] Samaras at Elefsis Shipyards

    Main opposition New Democracy (ND) leader Antonis Samaras on Friday visited the Elefsis Shipyards, which are facing viability problems.

    Samaras was briefed by the management and workers on the effort being made to maintain the jobs at the shipyard, and called on the government to head to a course of growth, expressing confidence in the country's labor potential.

    The ND leader said that the unemployment rate in Greece has "hit red", affecting every household.

    Greece, he added, needs to enter a developmental track, stressing that this was possible with the country's workforce.

    The revenues of the shipyard, which employs more than 800 people, has plunged to 17 million euros this year from 37 million in 2008.

    More details on the subscriber's page of ANA-MPA | Subscription request form

    Athens News Agency: News in English Directory - Previous Article - Next Article
    Back to Top
    Copyright © 1995-2016 HR-Net (Hellenic Resources Network). An HRI Project.
    All Rights Reserved.

    HTML by the HR-Net Group / Hellenic Resources Institute, Inc.
    ana2html v2.01 run on Friday, 18 February 2011 - 15:30:35 UTC