Reuters: Deals: Akbank says Citigroup must make offer to Sabanci

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Akbank says Citigroup must make offer to Sabanci Mar 26th 2012, 05:42 Tweet Share this Email Print Related News Morgan Stanley wants all of Citi venture: sources Fri, Mar 23 2012 UPDATE 2-Germany's Gothaer eyes Turkish insurer - sources Thu, Mar 22 2012 Related Topics Deals » Global Deals Review: 2011 Q3 » Global Deals Review: 2011 Q2 » Global Deals Review » Inflows Outflows » A woman walks into a Citibank branch in New York January 17, 2012. Credit: Reuters/Shannon Stapleton ISTANBUL | Mon Mar 26, 2012 1:42am EDT ISTANBUL (Reuters) - Citigroup (C.N), which plans to reduce its stake in Turkey's Akbank (AKBNK.IS) from 20 percent to below 10 percent, must make its offer to Sabanci Holding (SAHOL.IS) under the terms of its shareholders' agreement, Akbank said in a statement. In written answers to Reuters questions, Akbank said Sabanci will make its assessment when the offer is made, adding that Citigroup's reduction of its stake was for technical reasons and was already reflected in Akbank's share price. The Turkish lender had said in a statement late on Friday that the sale decision was part of a move to prepare for Basel III rules and technical reasons related to Citigroup. Citigroup purchased its 20 percent stake in Akbank in January 2007 and said on Friday it expects to record an impairment charge related to its total investment in Akbank amounting to about $1.1 billion pre-tax. (Reporting by Asli Kandemir; Writing by Daren Butler) Global Deals Review: 2011 Q3 Global Deals Review: 2011 Q2 Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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