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Antimonopoly Committee OKs Bank Forum Sale

Antimonopoly Committee OKs Bank Forum Sale

17 October 2008

Ukraine’s Antimonopoly Committee announced yesterday that it had given the go ahead for Commerzbank, Germany’s second largest lender, to purchase a 60%+1 stake in Ukraine’s 13th largest lender, Bank Forum (FORM: BUY) for USD 600 mln. Commerzbank also has the right to purchase another 25%. The deal implies a price per share of USD 8.9, a 10% premium to the current market price. We have upgraded our recommendation to BUY with a USD 10 target. See our report from October 16, for more details

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