NLB in the fight for Addika lowered the takeover threshold, Raiffeisen with one foot already in the goal

The Slovenian commercial bank NLB has lowered its takeover threshold for the Austrian bank Addiko, bringing itself closer to securing control over the struggling institution. On July 17, 2026, NLB announced a revised offer, increasing its price per share to 37 euros while reducing the acquisition threshold to 50 percent ownership. This move positions NLB as a stronger contender in the ongoing battle with Raiffeisen Bank International (RBI), which continues to push forward with its own bid. The competition for Addiko has intensified, drawing in major shareholders and investment firms. The American investment firm Brandes has publicly supported NLB’s revised offer, citing it as financially more attractive than RBI’s current proposal. Brandes has warned that the dispute could escalate into legal challenges, highlighting the high stakes involved in the takeover process. Addiko, based in Austria, has been under financial pressure for several years, prompting multiple bidders to enter the fray. The company's shares have fluctuated significantly, reflecting investor uncertainty about its future. Currently, the largest shareholder is the Serbian holding company Alta, which holds a substantial stake in the bank. Alta has expressed support for RBI’s bid, believing it offers better terms for the company’s operations in Serbia, Bosnia and Herzegovina, and Kosovo. RBI’s offer stands at 26.5 euros per share, with the possibility of additional payments once the sale of Addiko’s regional networks in the Balkans is completed. This potential bonus could make RBI’s offer more appealing to some shareholders, particularly those who value long-term growth opportunities. However, NLB’s revised offer presents a compelling alternative, offering immediate value and a clearer path to full control. The situation has sparked tension among key stakeholders, with some investors expressing concerns about the legal implications of prolonged negotiations. The involvement of major international players such as Brandes underscores the complexity of the takeover, as well as the potential for disputes to spill over into courtrooms. Legal experts suggest that the outcome will depend largely on how each party navigates regulatory hurdles and shareholder agreements. As the bidding war continues, both NLB and RBI are likely to refine their strategies in response to evolving market conditions and shareholder sentiment. Investors remain divided, with some favoring NLB’s aggressive approach and others leaning toward RBI’s cautious yet potentially lucrative offer. The final decision will hinge on a combination of financial incentives, strategic vision, and the ability to secure majority backing from Addiko’s existing shareholders. With the deadline for further bids approaching, the race for control of Addiko shows no signs of slowing down. Both banks are preparing for possible counteroffers and legal battles, setting the stage for a decisive showdown in the coming weeks. As the situation unfolds, the broader implications for the banking sector in the region will continue to draw attention from analysts and regulators alike.