Credit Agricole's Caceis Bank Launches KAS Takeover Offer
July 26 2019 - 1:31PM
Dow Jones News
By Patrick Costello
Credit Agricole SA's (ACA.FR) Caceis Bank subsidiary on Friday
said it launched an all cash offer for the acquisition of KAS Bank
NV (KA.AE).
Caceis submitted an offer of 12.75 euros ($14.20) a share for
KAS Bank, valuing the Dutch bank at EUR187 million, Caecis said.
The offer period begins on July 29 and ends Sept. 23, with the
transaction expected to close in the second half of 2019, the
French bank said.
KAS Bank's management and supervisory boards unanimously support
and recommend the offer, it added.
This acquisition of KAS will enhance Caceis's ability to serve
pension fund, insurance company and asset-management company client
as well as strengthen its standing in the Netherlands, Caceis
said.
"We are delighted to be taking these steps towards strengthening
our market share in the Netherlands, Germany and the UK," Caceis
Chief Executive Jean-Francois Abadie said.
"This deal is an excellent opportunity to bring significant
pension fund servicing expertise into the Caceis group," he
added.
Write to Patrick Costello at patrick.costello@dowjones.com.
(END) Dow Jones Newswires
July 26, 2019 13:16 ET (17:16 GMT)
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