Bawag accumule des fonds pour l'accord PTSB alors que le vote crucial est en vue

Austrian banking group Bawag has increased its reserves to more than €1 billion, ensuring it can fully fund its €1.62 billion acquisition of PTSB, according to the company. The deal remains under review by the Irish Takeover Panel, and a shareholder vote is scheduled for July 30th. Bawag cited its strong financial position as a key factor in its confidence regarding the transaction. Bawag’s decision to bolster its funds came after the bank recorded a net profit of €487 million in the first half of the year. It chose not to set aside money for dividends, allowing it to build up its liquidity. Additionally, the bank reduced its required capital reserves by entering into a significant risk transfer (SRT) arrangement with institutional investors. This move effectively insured a portion of its credit card loan portfolio against potential defaults, further strengthening its balance sheet. The acquisition is valued at an estimated €400 million below PTSB’s reported end-2025 net assets, representing a nearly 20 per cent discount. This valuation gap has sparked concerns among some shareholders, who argue that the deal undervalues the Irish bank. A leading proxy advisory firm, Glass Lewis, has advised investors to consider rejecting the transaction, citing growing doubts about its viability. The firm noted that European bank stocks have surged since the start of the PTSB sale process, making the current offer appear less attractive compared to alternative opportunities. Glass Lewis pointed out that the Iseq 20 index climbed over 16 per cent between October 29th and the close of trading on the previous Friday. Similarly, the Euro Stoxx Banks Index saw a rise of more than 27 per cent during the same period. These movements suggest that investors may be looking elsewhere for better returns, potentially undermining the appeal of the Bawag offer. Eamon Waters, a prominent businessman, owns approximately 7.2 per cent of PTSB through his investment vehicle Sretaw. While he expressed disappointment with the proposed terms, he did not comment specifically on the finalized deal. However, Sretaw had previously opposed an earlier offer from Bawag, which was slightly lower than the current one. Another investor, Samson Rock Capital, which holds around 3.1 per cent of PTSB, has reportedly encouraged other shareholders to resist the sale. PTSB has responded to these criticisms, stating that its sale process was comprehensive and open to all potential buyers. The bank emphasized that it engaged extensively with a variety of financial institutions, strategic investors, and financial sponsors. According to a spokesperson, PTSB believes the Bawag proposal offers the best possible value for all shareholders. Bawag’s CEO, Anas Abuzaakouk, reiterated the bank’s enthusiasm for the acquisition, calling it a pivotal moment in its strategy to expand its presence in the Irish market. He mentioned that the company had invested considerable time in discussions with regulators, the PTSB board, and other stakeholders to outline its vision for the future of the Irish bank. Despite ongoing scrutiny, Bawag maintains that the deal is both financially sound and strategically beneficial.