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Raiffeisen Paid USD 1.028 Bln For Aval.

Raiffeisen Paid USD 1.028 Bln For Aval.

19 October 2008

Two months after announcing Aval’s (BVAL: BUY) acquisition, Raiffeisen revealed the merger price at: USD 1.028 bln for a 93.5% stake. Aval made this news public in a press release yesterday.  Concorde Capital: When the acquisition agreement was signed on August 20, the merger price was not disclosed, leaving the market guessing. The rumored price varied from USD 0.6 bln to USD 1 bln. Our guess was 12% under the actual price – USD 900 mln. The recently disclosed number implies a share price of USD 0.0735, MCap of USD 1.099 bln and P/BV x3.1.

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