Dec
16
MADRID Dec 16 (Reuters) – Spain’s bank restructuring fund
FROB said on Monday it had received six binding offers for 88.33
percent of NCG Banco, a state-rescued lender from the northern
region of Galicia.
FROB owns the majority of the bank and the rest of the NCG’s
capital is in the hands of minority shareholders, including some
former investors in preference shares who turned in their
securities for shares during its bailout.
The FROB said it would study the offers in the coming hours.
If the highest bid does not surpass the second best offer by 200
million euros, and by 50 percent, the FROB said it would launch
a second bidding phase.
(Reporting by Sarah White; Editing by Julien Toyer)
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